Gold prices reached a record high of $3,326.60 per troy ounce amid growing global trade tensions, significantly rising due to a weakening US dollar and fears surrounding President Trump's proposed tariffs on critical minerals. As the dollar weakened, gold became more appealing to international investors. This price spike has driven up market shares for gold mining companies, boosting the FTSE 100. The upward trend in gold is also related to broader geopolitical issues and an ongoing demand for safe-haven assets as the market reacts to potential economic instability.
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.
Gold has been on a sustained upward trend since the start of 2023, underpinned by geopolitical tensions and persistent investor demand for stability.
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