Gold worth hits $3,000 mark for first time | EUROtoday

The worth of gold has hit the $3,000 per ounce mark for the primary time as demand for the valuable steel surges amid financial uncertainty over the influence of a worldwide commerce conflict.

Spot gold touched a report $3,004.86 per ounce on Friday, with costs having risen by 14% because the begin of 2025.

Gold is seen as a protected asset for buyers and is usually wanted in occasions of financial instability.

The escalating commerce conflict between the US and lots of of its largest buying and selling companions has unsettled monetary markets and raised issues in regards to the influence on economies and customers internationally.

The introduction of tariffs, that are taxes charged on companies importing items from abroad, has fuelled fears of worth inflation, which has pushed buyers to gold.

When tariffs are imposed on items, companies face further prices, which might be handed on by means of the worth tags of the merchandise offered to customers – rising the price of dwelling.

On Thursday, US President Donald Trump threatened a 200% tariff on any alcohol coming to the US from the European Union (EU) within the newest twist of the commerce conflict.

The announcement was in response to the EU’s plans for a 50% tax on imports of US-produced whiskey as a part of the bloc’s first retaliation to Trump’s blanket tariffs on all metal and aluminium imports to the US from any nation.

The US president has additionally raised levies on Chinese imports into the US to at the very least 20%.

“In a backdrop of geopolitical uncertainty and ongoing tariff changes, appetite for gold remains strong,” stated Suki Cooper, a valuable metals analyst at Standard Chartered.

She added there have been “multiple factors” driving demand for gold, together with central banks persevering with to buy it.

Alexander Zumpfe, a valuable metals dealer at Heraeus Metals Germany, stated gold’s upward momentum was “not yet exhausted”, suggesting the worth per ounce might rise additional.

“Amid escalating geopolitical tensions, rising trade tariffs, and growing financial market uncertainty, investors are increasingly seeking stability – and they are finding it in gold,” he added.

Peaks and troughs of the gold worth have occurred at a few of the key moments in financial historical past. At the outbreak of the worldwide monetary disaster in 2007, buyers purchased gold as a haven asset, which led to an increase in its worth.