Gold Prices Soar to $3,000 Amid Global Uncertainty
In a historic milestone, gold prices surged to $3,000 an ounce on Friday, driven by heightened demand for safe-haven assets as investors navigate the uncertainties of President Donald Trump’s tariff policies and geopolitical tensions.
Reaching a record high of $3,005 before slightly pulling back to $2,994 at 9.04 a.m. ET, gold has solidified its position as “the panic asset of choice,” according to Jason Hollands, managing director at Evelyn Partners, a UK wealth manager.
Trump’s recent imposition of 25% tariffs on steel and aluminum imports into the US, coupled with threats of escalating trade disputes, has fueled market anxieties and propelled gold prices to new heights.
The ongoing conflict in Ukraine has further contributed to the surge in gold prices, with Russian President Vladimir Putin’s rejection of a US-proposed ceasefire intensifying geopolitical instability.
Amidst the uncertainties, central banks, including the People’s Bank of China, have been bolstering their gold reserves to safeguard against potential economic repercussions and foreign reserve seizures.
Additionally, a recent depreciation of the dollar has made gold more attractive to international buyers, further driving up its value in global markets. The intricate interplay of geopolitical tensions, trade disputes, and currency fluctuations has created a perfect storm for gold’s ascent to unprecedented price levels.
