Gold has surpassed $2,900 per ounce, reflecting a 0.6% gain in the session and a 1.8% increase for the week. This rise is attributed to geopolitical instability, particularly the breakdown in negotiations between the U.S. and Ukraine, which has heightened fears about economic stability. Additionally, trade tensions, particularly with new tariffs on Canada, Mexico, and China, have created uncertainty for investors, leading them to seek refuge in gold. Analysts believe this upward trend may continue, with eyes on whether gold can reach the significant $3,000 mark, signaling ongoing global uncertainty.
The price of gold has once again demonstrated its strength by breaking past the $2,900 per ounce mark, reflecting a 0.6% gain in the session and a 1.8% increase for the week on Tuesday.
This uncertainty has driven increased demand for defensive assets like gold. Meanwhile, the escalation of trade wars has also played a crucial role in gold's rise.
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