The price of gold reached a new all-time high of $3,245 per ounce. Over the last week, the price of the metal rose by more than 6% against the background of the weakening of the dollar, informs Forbes.
The sharp rise in prices is driven by uncertainty surrounding Donald Trump’s tariff policy, forcing investors to turn to safe-haven assets. Despite the temporary reduction of tariffs on popular electronics, the markets hardly reacted, because already on Sunday, Trump hinted at the possibility of introducing individual restrictions on these goods. At the same time, the weakening of the dollar has made gold more attractive to foreign buyers, since it is traded in that currency.
Gold has risen more than 20% so far this year as investors seek protection against volatility caused by US President Donald Trump’s unpredictable trade policies. Because of these actions, financial markets have seen significant fluctuations in stocks, bonds and the dollar itself, raising concerns about a possible global recession.
According to analysts, the active sell-off of US government bonds indicates a decline in confidence in US assets, which undermines the perception of US government debt as a reliable instrument in periods of instability.
This week, traders’ attention will be focused on the reaction of the world’s leading central banks to global economic risks. Singapore and the European Central Bank are expected to ease monetary policy, a move that traditionally boosts demand for gold as an interest-free asset.
Currently, the spot price of gold has stabilized at $3,236.27 per ounce. The Bloomberg Dollar Index fell 0.2% to its lowest level since October. Silver fell, while platinum and palladium showed gains.
We will remind that on April 2, US President Donald Trump announced the introduction of new tariffs on the import of products from 185 countries. The basic rate is 10%, including for Ukraine, although even higher rates are provided for some countries.
