Historic high

Gold price cracks the 3000 dollar mark for the first time

In uncertain economic times, investors are looking for the safe haven of gold. On Friday, the price of the precious metal surpassed the 3,000 US dollar per troy ounce mark for the first time. Experts believe that the upward trend in the price of gold is likely to continue.

The price of a troy ounce rose by 0.5 percent to 3007.10 dollars on Friday. Geopolitical risks and an escalating customs dispute are ensuring high demand for gold as a safe haven. 

Safe havens are in greater demand on the financial markets now that there appears to be no breakthrough in the efforts to reach a ceasefire in the Ukraine war.

Trump's tariff zigzag as a driver
Another key driver of the gold price is concern about the consequences of the new US administration's aggressive tariff policy. Since Donald Trump took office in January, the precious metal has gained more than ten percent in value. During this time, the US government has repeatedly announced tariffs, some of which have been withdrawn. Most recently, Trump threatened the EU with tariffs of 200% on wine, champagne and other alcoholic beverages.

Upward trend likely to continue
Experts believe that the upward trend in the price of gold is likely to continue. Investors fear that the trade war instigated by Trump could cause market turbulence in the coming months and damage the economy.

Gold therefore remains an attractive safe haven, said IG market strategist Yeap Jun Rong. The precious metal is often targeted as a hedge against political risks and inflation. Since the beginning of the year, the price of gold has already risen by more than 13 percent.