Gold has reached a major milestone, crossing $3,000 per ounce for the first time ever on Friday. This achievement highlights its continued status as a safe-haven asset amidst ongoing market uncertainties. The price of gold has surged, hitting 13 new all-time highs this year alone, and it’s now set for a second consecutive week of gains.
Spot gold rose by 0.4% to $3,000.87 per ounce, while U.S. gold futures climbed 0.7% to $3,013.60.
Analysts attribute gold’s recent price rise to several factors. “The precious metal still has an abundance of reasons to pursue higher prices,” said Han Tan, Exinity Group’s chief market analyst. He pointed to geopolitical and economic concerns, along with the possibility of Fed rate cuts, as key drivers behind the surge in gold prices.
One of the major contributors to this record price rise has been U.S. President Donald Trump’s tariff policies. His tit-for-tat approach to global trade has increased uncertainty in the market. Since announcing the first set of reciprocal tariffs on countries like Canada, Mexico, and China, Trump has continued to impose tariffs on various nations. This ongoing trade conflict has fueled demand for gold as a stable investment.
The price of gold has been rising steadily due to these factors, making it one of the top-performing assets in the market. Investors are increasingly looking to gold as a way to shield their wealth from the effects of global trade tensions and economic instability.
As the price of gold continues to rise, many wonder how high it can go. With mounting geopolitical risks and concerns about the economy, experts believe gold could continue its upward trajectory.
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