According to online reports, analysts at Royal Bank of Canada pointed out that Trump's pressure on the Federal Reserve, doubts about the independence of the Federal Reserve, and his power to fire Powell have added uncertainty to the already uncertain market. Michael Feroli, chief U.S. economist at JPMorgan Chase, said that any possibility of a compromise in the Fed's independence would add upside risks to the inflation outlook, which is already under upward pressure from rising tariffs and inflation expectations. Some investors rely on gold as a hedge against inflation. Data from Standard Chartered Bank shows that in the first quarter of this year, investors invested at least $19 billion in gold ETFs. Mitul Kotecha, head of Asian foreign exchange and emerging markets macro strategy at Barclays, said that it seems that some funds do flow into gold and many investors are buying gold.