Gold Prices Surge Past $3,100 Amid Economic Concerns
Gold prices rise due to investor fears over U.S. tariffs and central bank demand, with silver prices declining slightly.
Gold prices have surpassed $3,100 per ounce, driven by investor fears that U.S. tariffs may spur inflation and slow economic growth, alongside ongoing demand from central banks.
In the physical market, gold was valued at $3,117.29 per ounce in the afternoon, reflecting an increase of 1.1% from Friday's close.
The price briefly reached $3,128.06 before settling.
On U.S. futures markets, gold also traded 1.1% higher at $3,151.10 per ounce.
Since the beginning of the year, gold prices have increased by approximately 18%.
In 2024 alone, prices have jumped around 27%, largely fueled by central bank demand.
Recent price hikes have been further supported by announcements regarding U.S. tariffs.
President Donald Trump is preparing to implement reciprocal tariffs on all countries that impose tariffs on U.S. goods starting Wednesday, with car tariffs expected to take effect on Thursday.
This wave of gold demand reflects investor anxieties regarding tariffs, with concerns that such measures could constrain economic growth.
These fears have contributed to rising prices of precious metals.
Traditionally, investors buy gold as a hedge against asset value erosion during times of heightened political and economic instability, as well as to mitigate the effects of low-interest rates.
Central banks are also seeking to strengthen their balance sheets and secure reserves amidst geopolitical and economic tensions.
In contrast, silver prices have dipped by 0.4% in the physical market, settling at $33.96 per ounce.
Platinum and palladium have seen price increases of 0.8%, priced at $991.55 and $979 per ounce, respectively.
In the physical market, gold was valued at $3,117.29 per ounce in the afternoon, reflecting an increase of 1.1% from Friday's close.
The price briefly reached $3,128.06 before settling.
On U.S. futures markets, gold also traded 1.1% higher at $3,151.10 per ounce.
Since the beginning of the year, gold prices have increased by approximately 18%.
In 2024 alone, prices have jumped around 27%, largely fueled by central bank demand.
Recent price hikes have been further supported by announcements regarding U.S. tariffs.
President Donald Trump is preparing to implement reciprocal tariffs on all countries that impose tariffs on U.S. goods starting Wednesday, with car tariffs expected to take effect on Thursday.
This wave of gold demand reflects investor anxieties regarding tariffs, with concerns that such measures could constrain economic growth.
These fears have contributed to rising prices of precious metals.
Traditionally, investors buy gold as a hedge against asset value erosion during times of heightened political and economic instability, as well as to mitigate the effects of low-interest rates.
Central banks are also seeking to strengthen their balance sheets and secure reserves amidst geopolitical and economic tensions.
In contrast, silver prices have dipped by 0.4% in the physical market, settling at $33.96 per ounce.
Platinum and palladium have seen price increases of 0.8%, priced at $991.55 and $979 per ounce, respectively.
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