The price of gold soared to an all-time high on Wednesday, breaching the $3,300 mark for the first time as growing global trade tensions sent investors scrambling for safe-haven assets.
The surge came alongside a weakening US dollar and renewed uncertainty over President Trump’s proposed tariffs on critical minerals.
Gold climbed by $107.90, or 3.4 per cent, to $3,326.60 per troy ounce—marking not only a historic high but also the steepest daily gain since April 2020. The rally brings gold’s total rise to nearly 6 per cent, or $200 per ounce, since Trump signalled a sweeping new wave of global tariffs.
The dollar index, which tracks the US currency against six international peers, fell 0.65 per cent to its lowest level since April 2022. A weaker dollar makes gold more attractive to international buyers by lowering the cost of purchase. The pound gained 0.44 per cent against the greenback to reach $1.32—its highest point since October last year.
The latest spike in gold prices is being driven by mounting fears that Trump’s trade policies could reignite economic uncertainty. His latest threat—to impose tariffs on all imports of critical minerals, a market heavily controlled by China—has rattled investors and intensified the flight to more secure assets.
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