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preCharge News BUSINESS — Gold prices broke $3,400 on Monday, hitting a new record as President Donald Trump’s threats against the Federal Reserve’s independence and his tariffs shake investor confidence in the U.S. economy.

Gold futures jumped about 2.69% to $3,418 per ounce by 8:20 a.m. ET on Monday, with investors buying the precious metal as the dollar hit a three-year low. Gold has jumped about 29% since the start of the year and nearly 8% since Trump unveiled his sweeping tariffs on April 2.

Trump said last Thursday that Fed Chair Jerome Powell’s “termination cannot come fast enough,” after the U.S. central bank chief warned that the president’s tariffs will likely increase inflation in the near term.

Trump is looking into whether he can fire Powell, White House economic advisor Kevin Hassett said Friday. The president has again called for Powell to cut interest rates, questioning the central bank chief’s judgement.

Gold has been on a tear this year as confidence in the U.S. falls and central banks buy up the precious metal. Citi sees gold prices rallying to $3,500 over the next three months as investment demand outstrips supply from mining.

“We estimate that tariff-related US and global growth concerns are likely to continue to combine with strong central bank and other institutional demand,” analysts led by Kenny Hu told clients in a recent note.

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Associated Press, CNBC News, Fox News, and preCharge News contributed to this report.

This is a developing news story. More information will be provided as soon as it becomes available.