Analysts predict that the US trade dispute and global geopolitical events will drive investors to safe-haven metal, driving gold prices to reach new all-time highs. As investors turned to safe-haven assets to protect themselves from economic uncertainties brought on by US President Donald Trump’s tariff war, the price of the yellow metal reached a record high of $3,000 per ounce on Friday.
Over the weekend, gold closed at $2,986.65 an ounce, up 0.23 percent. Gold prices in Dubai reached their highest point on Friday, with 24K trading at Dh360.75, 22K trading at Dh335.75, 21K trading at Dh322.0, and 18K trading at Dh276.0 per gram. With 24K at Dh359.5, 22K at Dh334.5, 21K at Dh320.75, and 18K at Dh275.0 per gram, gold prices ended the week somewhat down.
Worries about the US economy’s stability may further enhance gold’s attraction. The Federal Reserve may adopt a more dovish tone at its next meeting due to a cooling labor market and decreasing inflation. According to Joseph Dahrieh, managing principal at Tickmill, this could push gold prices to all-time highs.
Trump threatened to impose a 200 percent tax on wine and champagne imported from the European Union as part of the most recent tariff dispute. Market uncertainty increased after President Trump announced a 200 percent tariff on alcoholic imports from the EU, which fueled risk aversion and increased demand for safe-haven assets like gold,” Dahrieh said, following a series of tariff back and forths this week.
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