The price of gold hit a record high on March 27 amid rising demand for safe-haven assets as global trade tensions deepened and stock markets fell after US President Donald Trump announced new tariffs on auto imports. This is reported agency Reuters.
As of 11:17 a.m. ET (17:17 Kyiv time), the spot price of gold rose 1.2% to $3,057.12 per ounce, reaching an all-time high of $3,059.30. This is already the 17th record figure since the beginning of the year. U.S. gold futures jumped 1.5% to $3,069.10, after reaching a peak of $3,070.90 earlier in the day.
“It looks like we will soon see gold futures at $3,100, with demand for safe-haven assets the main driver.” said Bob Haberkorn, senior market strategist at RJO Futures.
After Trump announced a 25% tariff on imported cars, a number of countries, including Canada and France, threatened to retaliate. The tariff will take effect the day after the US president announces a list of countries he says are the biggest contributors to the United States’ trade deficit.
Against the background of this news, global stock markets went down, and the shares of major car manufacturers suffered significant losses. Gold has traditionally been seen as a hedge in times of economic and political instability and has shown growth against a background of low interest rates.
Goldman Sachs analysts on Wednesday raised their forecast for the end of 2025, expecting gold to rise from $3,100 to $3,300 an ounce, citing active demand from ETFs and central banks.
