Gold hits record $3,000 mark twice in one week as tariff concerns rise
Gold prices surged to a record high above the $3,000 mark on Tuesday, reaching the milestone for the second time within a week.
This rise comes as investors seek safe-haven assets amidst growing economic concerns fueled by U.S. President Donald Trump’s tariff policies, News.Az reports, citing Reuters.
Spot gold was up 0.2% at $3,008.08 an ounce as of 0249 GMT after hitting a record high of $3,012.05 per ounce earlier in the session.
Gold rose above the $3,000/oz milestone for the first time on Friday.
U.S. gold futures rose 0.4% to $3,017.60.
Historically considered a hedge against geopolitical instability, gold has risen more than 14% so far this year. Since Trump took office in January, gold has hit a record high 14 times as trade tensions have boosted safe-haven demand.
Trump has floated plans for a series of U.S. tariffs, from a flat 25% on steel and aluminium which came into effect in February, and reciprocal and sectoral tariffs that he said will be imposed on April 2.
The U.S. dollar index wallowed near a five-month trough, making gold cheaper for overseas buyers.
New economic projections from Federal Reserve officials this week will provide the most tangible evidence yet of the likely impact of Trump administration policies.
Forecasters have marked down their expectations for U.S. growth this year, raised concerns about a potential recession, and expect increased inflation.
Spot silver gained 0.2% to $33.89 an ounce, platinum added 0.5% to $1,004.65 and palladium rose 0.5% to $969.6.
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