The rally to more than $3,000 an ounce is driven by growing demand for safe-haven assets amid escalating trade tensions
Gold prices reached a record high on Thursday as investors spooked by mounting concerns over a global trade war seek safe-haven assets. The latest rally comes amid on-off tariff announcements by the US.
Import taxes on steel and aluminum imposed by US President Donald Trump took effect on Wednesday, sparking concerns in export-dependent Asia and prompting immediate retaliatory measures from the EU and Canada. Prior to the tariff imposition, Trump threatened to hike the levy on Canadian metals to 50%, but reversed the plan after Ontario Premier Doug Ford overturned his decision to introduce a 25% surcharge on electricity exports to several US states.
Gold futures for April delivery briefly hit $3,003.90 per ounce Thursday night on the Chicago Mercantile Exchange (CME) before retreating to $2,989.50, marking the first time a contract has crossed the psychologically important $3,000 threshold. Prices for the precious metal are up nearly 14% so far this year after making a solid 27% gain in 2024.
Gold Prices Hit Record High: $3,000 per Ounce, Gram Gold Reaches Historic Level https://t.co/wKlnUBBsxJ #economy #Turkey #world #gold #prices #hit #record #high
— Business Turkey (@businessturkey) March 14, 2025
