Gold price hits new all-time high: causes and future outlook revealed
Spot gold rose by 1.7% to $3,282.88 per ounce, having earlier touched an all-time high of $3,290.10 during the session. U.S. gold futures climbed by 1.8% to $3,299.60.
Gold, traditionally viewed as a safe-haven asset during times of geopolitical and economic uncertainty, has hit several record highs this year, gaining over 25% in value.
ANZ analysts have raised their year-end gold price forecast to $3,600 per ounce, with a six-month forecast set at $3,500.
Meanwhile, spot silver prices increased by 0.5% to $32.45 per ounce. Platinum dropped 0.3% to $956.80, and palladium remained steady at $971.24.
It’s worth noting that gold had already reached a new record during last Friday’s trading, when the price per ounce exceeded $3,200 for the first time.
On Tuesday, former President Trump ordered an investigation into potential new tariffs on all key mineral imports into the U.S. This move is seen as an attempt to pressure China — the global leader in the sector — and adds to existing probes into pharmaceutical and semiconductor imports, further heightening global trade tensions.
ANZ on Wednesday raised its year-end gold price forecast to $3,600 per ounce and six-month forecast to $3,500.
Source: Reuters.
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