Gold surpasses $3.000/ounce for the first time amid Trump's trade war.
Gold has accumulated gains of almost 14% this year, driven in part by concerns about the impact of import tariffs imposed by the US.
Reuters - Gold surpassed the $3.000 mark on Friday for the first time, amid a rush by investors to the safe-haven asset seeking protection against economic uncertainties caused by US President Donald Trump's trade war.
Spot gold hit a record high of $3.004,86 in this session, before falling 0,2% to $2.981,42, as profits were taken.
The surge in gold beyond the $3.000,00 mark was driven by "besieged investors seeking the best safe-haven asset given the Trump turmoil in the stock markets," said Tai Wong, an independent metals trader.
Traditionally seen as a safe haven during geopolitical turmoil, gold has accumulated gains of nearly 14% so far this year, driven in part by concerns about the impact of Trump's tariffs and a subsequent sell-off in stock markets.
Gold has also been supported by demand from central banks, with the main buyer, China, increasing its reserves of the metal for the fourth consecutive month in February.
"Central banks continue their gold purchases at record levels, seeking to diversify from an increasingly volatile dollar," said GoldCore CEO David Russell.
