US: The price of gold has soared past the $3,000 per ounce mark for the first time in history, as economic uncertainty drives investors toward the precious metal.
Spot gold reached a record $3,004.86 per ounce on Friday, marking a 14 percent rise since the start of the year. Gold is widely regarded as a safe asset in times of economic instability, and the ongoing global trade war has fueled a surge in demand.
Tensions between the United States and its key trading partners have rattled financial markets, sparking concerns about rising costs for businesses and consumers.
The introduction of tariffs-taxes imposed on imported goods has heightened fears of inflation. Higher tariffs lead to increased costs for businesses, which are often passed on to consumers, raising the cost of living.
In the latest escalation, US President Donald Trump threatened a 200 percent tariff on alcohol imports from the European Union. This move comes in response to the EU’s planned 50 percent tax on US whiskey imports, a retaliatory measure against Trump’s blanket tariffs on steel and aluminum imports.
Additionally, US tariffs on Chinese goods have been raised to at least 20 percent, further straining global trade relations.
Historically, gold prices have peaked during major economic crises, including the 2007 global financial meltdown. As uncertainty looms, experts believe gold could continue its upward climb.
