Gold Prices Reach Historic Highs Amid Economic Tensions
Gold prices have experienced a significant increase, rising by $62 per ounce to reach $2,993. This surge marks the highest recorded price for gold, propelled by two key factors: the economic policies implemented by former President Donald Trump and current US economic indicators.
Amid escalating trade tensions, the European Union has decided to impose a 50% tariff on American whiskey. In response, former President Trump has threatened to introduce 200% tariffs on European alcoholic beverages, including wine and Champagne. This move follows Trump’s earlier decision to impose a 25% tariff on European iron and aluminum products.
The friction in trade relations has heightened concerns regarding a potential slowdown in the US economy—the world’s largest. As a result, investors are increasingly turning to gold, recognizing it as a stable and reliable asset in times of uncertainty.
Additionally, recent US economic data has contributed to the upward trend in gold prices. The government reported a decline in inflation from 3% to 2.8% last month, heightening expectations for potential interest rate cuts by the Federal Reserve. The central bank’s upcoming meeting on November 18 is likely to shape monetary policy, which could further depress the dollar and subsequently boost gold prices, along with equities and other currencies, including digital assets.
In the Kurdistan Region, the price of gold has also increased in line with global trends. The Kurdistan Regional Government (KRG) has released the following gold prices:
| Gold Type | Price (KRG) |
|---|---|
| 24 Carat Gold | 715,000 |
| 22 Carat Gold | 655,000 |
| 21 Carat Gold | 621,000 |
| 18 Carat Gold | 535,000 |
As global economic conditions evolve, monitoring gold prices will remain critical for investors seeking to hedge against instability and inflation.
