“Gold soared to a record high for the second time in a weekGold prices have once again peaked at $3,006 as investors seek refuge from the economic problems caused by Trump’s customs policy.
Since the beginning of the year, gold has risen in price by 14%.”, — write: unn.ua
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Spot gold rose 0.2% to $3,006.88 per ounce as of 05:25 GMT after hitting a record high of $3,016.92 per ounce earlier in the session.
Gold first rose above the $3,000 per ounce mark on Friday.
U.S. gold futures rose 0.4% to $3,017.20.
“Gold is getting more expensive due to a weak dollar and uncertainty with duties that remains… With record highs of gold, a lot of technical and chart-based purchases begin, because there is no obvious resistance on the charts,” said Marex analyst Edward Meir.
The U.S. dollar index fluctuated near a four-month low, making gold cheaper for foreign buyers.
Gold, which has historically been considered a hedge against geopolitical instability, has risen in price by more than 14% since the beginning of the year. Since Trump took office in January, gold has reached a record level in price 14 times, as trade tensions have increased demand for safe haven assets.
Trump has put forward plans for a number of US duties, from a fixed 25% on steel and aluminum, which came into force in February, to mutual and sectoral duties, which he said would be introduced on April 2.
ANZ raised its 3-month gold price forecast to $3,100 per ounce and its 6-month forecast to $3,200 per ounce, citing escalating geopolitical and trade tensions, easing monetary policy and active central bank purchases.
New economic forecasts from Federal Reserve officials this week will provide the most tangible evidence of the likely impact of the Trump administration’s policies.
Forecasters lowered their expectations for U.S. economic growth this year, expressed concern about a potential recession, and expect inflation to rise.
“Israeli air strikes may also lead to a new escalation of tensions in the Middle East, and this may add to the list of factors that are pushing gold up,” said Capital.com financial analyst Kyle Rodda.
Spot silver strengthened by 0.1% to $33.85 per ounce, platinum rose by 0.2% to $1002.50, and palladium rose by 0.4% to $968.96.