Gold prices have soared to an all-time high, edging closer to the $3,000 per ounce milestone as investors flock to the precious metal amid mounting economic and geopolitical uncertainty.
Spot gold climbed 0.7% today to reach $2,954 per ounce, marking a more than 12% increase since the beginning of the year. The rally is being fueled by escalating trade tensions linked to former U.S. President Donald Trump and growing concerns over inflationary pressures.
According to Susannah Streeter, head of money and markets at Hargreaves Lansdown, gold’s reputation as a safe-haven asset is driving demand as traders weigh the inflationary risks posed by U.S. tariffs and global instability.
“The precious metal is riding high at record levels amid concerns about Trump’s trade and foreign policy stances,” Streeter explained. “Tensions remain high over Ukraine after the U.S. President referred to President Zelensky as a dictator. Meanwhile, Washington’s call for Europe to take greater responsibility for its own defense is raising fears of a weakening transatlantic alliance.”
Geopolitical uncertainty has further boosted gold’s appeal. Inki Cho, a financial markets strategist and consultant for Exness, pointed to Trump’s recent decision to impose a 25% tariff on key imports—including automobiles, semiconductors, and pharmaceuticals—as a catalyst for the latest market reaction.
“The tariff announcement triggered a ‘risk-off’ rush into safer assets,” Cho said. “At the same time, the ongoing Russia-Ukraine conflict adds another layer of complexity. While U.S. negotiations with Moscow have sparked some optimism for a resolution, any setbacks could reinforce gold’s status as a preferred safe-haven investment.”
With economic and political risks mounting, investors are keeping a close eye on gold’s trajectory, as the $3,000 mark looms on the horizon.
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