Gold reached a record high today, climbing to $3,004.94 (£2,324) per ounce.
David Morrison, an analyst at Trade Nation, remarked, “Gold has finally done it. It pushed over $3,000 per ounce—a significant milestone in a rally that began in December 2015. Although it first surpassed $2,000 in August 2020, it pulled back before decisively breaking through that barrier in February last year. Since then, it hasn’t looked back.”
This afternoon, the price has dipped slightly to around $2,989 as investors take profits from the recent gains. Morrison explained, “It takes time for traders to get comfortable trading in uncharted territory.”
Investor demand for gold tends to surge during uncertain times, as it is viewed as a safe haven. The recent spike in gold prices comes amid rising concerns over Donald Trump’s tariff policies, which have sparked an international trade war, unsettled financial markets, and raised fears of renewed inflation pressures on households and businesses.
Looking ahead, analysts predict that gold’s price could continue to climb. Joe Cavatoni, chief market strategist at the World Gold Council, noted that the latest milestone had been anticipated for months.
He emphasized that the “global challenges and risks that come with managing money today” have driven more investors toward gold as a reliable safe haven. “This is what has pushed gold to break record after record, and with rising inflation expectations, lower rates, and continued uncertainty, we continue to see support for gold looking ahead,” he added.
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