Gold Hits A Record High and Surpasses $3,000 Once More
As investors continued captivated by the well-liked safe-haven commodity due to global concerns worsened by escalating trade tensions, gold reached an all-time high on Tuesday, continuing its historic run above the $3,000 barrier.
After reaching a new high of $3,018.66 an ounce, spot gold increased 0.6% to $3,017.84 as of 0715 GMT. On March 14, prices surpassed $3,000 for the first time. At $3,027.00, U.S. gold futures increased by 0.7%.
Gold, long regarded as a buffer against international unrest, has increased by more than 14% this year. Demand for the metal has increased 14 times since US President Donald Trump took office in January due to economic worries brought on by his tariff battle.
The duties comprise sectoral and reciprocal tariffs that will be applied on April 2 and a flat 25% charge on steel and aluminum that went into force in February.
According to experts at the World Gold Council (WGC), the combination of increasing inflation, reduced rates, geopolitical and geoeconomic uncertainty, and a weaker U.S. currency continues to provide a strong tailwind to investment demand, even though gold may see some consolidation given the pace of its most recent increase. Due to the dollar’s near-four-month low, gold became more affordable for foreign purchasers. [US/] [USD/]
Citing easing monetary policy, central bank purchases, and growing geopolitical and trade concerns, ANZ increased their three-month and six-month gold price forecasts to $3,100 and $3,200, respectively. According to the WGC, more purchasing may occur if gold stays over $3,000 for the next several weeks. This week, the Federal Reserve’s economic forecasts will offer the most unambiguous indication of the effects of Trump’s initiatives.
According to Kyle Rodda, a financial market expert at Capital.com, Israeli airstrikes may cause tensions in the Middle East to resurface, which contributes to the long list of factors driving gold’s price increase. Palladium increased 0.7% to $971.75, platinum advanced 0.4% to $1,004.16, and silver solidified 0.2% to $33.90 an ounce.
