The gold price reached a record high in the international market on Friday.
As per details, spot gold climbed 0.6 per cent to $3,074.31 an ounce as of 0400 GMT, after hitting an all-time high of $3,077.44 earlier in the session. Bullion is up 1.7 per cent so far this week, on track for a fourth straight weekly gain. US gold futures gained 0.8 per cent to $3,084.70.
“Gold has the wind at its back at the moment. US trade policy, US fiscal policy, geopolitics, and a growth slowdown – everything is blowing in gold’s direction,” Capital.com’s financial market analyst Kyle Rodda said, adding that $3,100/oz is the next big milestone for prices.
Fresh tariff plans from US President Donald Trump fueled fears that the global trade war will intensify further, prompting investors to seek refuge in the safe-haven precious metal.
Uncertainty surrounding tariffs, potential for interest rate cuts, geopolitical conflicts, and central bank buying have all fuelled gold’s surge past the key $3,000/oz milestone.
“Markets are yet to have an understanding of what the retaliatory responses will be,” which is also helping gold, said Marex analyst Edward Meir.
Canadian Prime Minister Mark Carney said he would respond with unspecified trade actions if Trump imposes new auto tariffs that have expanded a global trade war and hammered stocks.
Trump is set to implement reciprocal tariffs on April 2, which could stoke inflation, dampen economic growth, and escalate trade disputes.
“We continue to hold a bullish outlook towards gold prices, with gold continuing to benefit from US policy uncertainty, trade tensions, military conflicts around the world, inflation worries, and macro uncertainty,” BMI analysts said in a note.
