Gold Prices Reach Historic Milestone
Gold prices surpassed $3,000 per ounce for the first time in history on Friday, marking a significant moment in the precious metals market.
The surge in gold prices can be attributed to increasing uncertainty surrounding U.S. economic policies under President Donald Trump, particularly regarding tariffs imposed on trade partners, which has spurred heightened demand for safe-haven assets like gold.
On Friday, gold prices peaked at $3,004 per ounce, reaching unprecedented levels for this strategic mineral. However, the price settled lower by market close, trading at $2,986 per ounce.
Overall, gold prices experienced a rise of 0.3 percent, reflecting the commodity’s robust performance amidst fluctuating stock markets.
As Tae Wang, an independent gold trader based in New York City, stated, “Traders are increasingly buying gold as a hedge against the ongoing volatility in the stock markets.”
This year alone, gold prices have surged by 14 percent, indicating robust investor interest. The recent downturn in U.S. and international stock markets has further fueled this trend, encouraging both traders and investors to allocate capital towards gold.
Moreover, the buying momentum is not limited to individual investors. Central banks continue to purchase gold, with notable activity from the Central Bank of China, which has increased its gold reserves for four consecutive months, as noted by David Russell, analyst at Gold Kork Consulting.
