After US President Donald Trump announced the introduction of new tariffs on imported cars, a sharp escalation in global trade relations was observed. This situation led to a decline in stock markets, prompting investors to seek safe assets, including gold. As a result, the price of the precious metal increased further and set a new historical record.
The price of gold reached another record
At 20:34 Tashkent time, the spot market price of gold rose by 1.21 percent, reaching $3055.69 per troy ounce. During trading, it climbed even higher, reaching $3057.78. This marked the 17th record level for gold prices since the beginning of this year.
Investors turning to safe assets
According to Bob Haberkorn, a representative of RJO Futures, futures prices could reach the $3100 mark in the near future. The main reason for this is investors choosing gold as a "safe-haven asset." Haberkorn believes that the rise in gold prices is linked to the uncertainty surrounding Trump's tariff policy, which is increasing market distrust.
Factors affecting the price of gold
Investors are awaiting the announcement of the Personal Consumption Expenditures (PCE) index in the US. This index could signal the next decisions regarding interest rates by the US Central Bank (Federal Reserve System - FRS).
"If the PCE figure comes out better than expected, it will create further growth opportunities for gold prices. This is because it gives the FRS more room to lower rates," says Haberkorn.
Other changes in the precious metals market
Along with gold, the prices of other precious metals continue to rise:
- Palladium increased by 0.99 percent, reaching $977.71 per ounce.
- Silver rose by 1.88 percent, reaching $34.34.
- Platinum increased by 1.12 percent, recording a level of $985.55.
Due to ongoing global economic instability and tensions regarding US customs policy, investors continue to increase demand for gold as a safe investment vehicle. Consequently, gold prices may reach new records in the near future.
