Gold prices rose to their highest level in two weeks during Tuesday’s trading, as the dollar weakened following U.S. President Donald Trump’s announcement of the dismissal of Lisa Cook, Federal Reserve governor. This move shook confidence in U.S. assets and the Federal Reserve’s independence.

The global gold ounce price increased by 0.4% today, reaching $3386 per ounce, the highest in two weeks, after opening at $3366 and currently trading at $3377 per ounce.

Despite the rise to a two-week high, volatility remains dominant since the start of the week. The $3350 per ounce level has proven to be a strong support, likely to push prices higher, according to Gold Bullion.

Gold 24-carat price today: 5245 EGP per gram.

On Monday, Trump took an unprecedented step by dismissing Lisa Cook from the Federal Reserve amid allegations of mismanagement of mortgage loans. Cook denied these allegations, stating Trump lacks authority to remove her and she intends to remain in her position.

This dismissal marks Trump’s latest attack on the Federal Reserve as he seeks greater influence over its interest rate policies.

Replacing Cook with his own nominee could give Trump more sway in the seven-member Federal Reserve Board, which currently includes two of his appointees: Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman.

Trump’s remarks about Cook have unsettled traders again, driving more safe-haven flows into gold today amid growing sentiment that Trump may reshape the Fed into a more dovish body. Any dollar depreciation or bond yield decline would likely benefit gold.