Gold continued its run to new highs on Friday, boosted by growing concerns about an escalating global trade war after the US president imposed new tariffs. Donald TrumpThis situation has pushed investors to seek refuge in the yellow metal.
The spot gold price increased by 0,9%, reaching $3 per ounce à 07 GMT, after reaching a record level of 3 086,21 dollars earlier in the session. It shows a weekly progression of 2%, continuing its rise for the fourth consecutive week. U.S. gold futures also rose by 1%, reaching $3 per ounce, according Reuters.
"Everything is in favor of gold right now, whether it's US trade and financial policy, geopolitical tensions, or the economic slowdown. $3 an ounce is the next major target," said Kyle Rodda, market analyst at Capital.com.
This surge is mainly attributed to growing uncertainty related to tariffs, the prospect of lower interest rates, geopolitical conflicts and central bank purchases, which have allowed gold to cross the threshold of $3 per ounce.
For its part, Edward Meir, analyst at Marex, claimed that "Markets have not yet fully priced in the nature of potential retaliations, which supports the continued rise in gold."
Trump's tariffs, which are expected to take effect on April 2, could worsen inflation, slow economic growth and intensify trade conflicts.
In an analysis note, experts from BMI emphasized: "We maintain our bullish outlook for gold prices as the precious metal continues to benefit from political uncertainty in the United States, trade tensions, global military conflicts, inflation fears, and macroeconomic instability."
Gold is traditionally considered a safe investment in the face of economic and political turbulence, particularly in a context of low interest rates.
On this subject, Tom Barkin, president of the Richmond Federal Reserve, said that current monetary policy, "moderately restrictive", the US central bank's stance remains appropriate in the face of growing uncertainties and rapid changes in government policies.
Performance of other metals
On the precious metals market:
- money remained stable at $34,41 per ounce.
- platinum has slightly retreated from 0,1%, reaching 985,34 dollars.
- Palladium progressed from 0,5%, settling at 980,14 dollars.
All three metals appear poised for weekly gains.
