Gold futures first peaked at $3000 per ounce this week, as investors seek to protect their investments from economic risks, aggravated by the trade policy of U.S. President Donald Trump regarding tariffs. The price of gold in the futures market rose by 0.2 percent to $3008.08 per ounce as of 02:49 Greenwich, after reaching the highest historic level of $3012.05 per ounce earlier in the trading session.
Gold first peaked at $3000 per ounce on Friday. Futures on gold in the U.S. rose by 0.4 percent to $3017.60 per ounce. Gold is always considered a safe haven against geopolitical instability and has risen by more than 14 percent since the beginning of the year.
Since taking office in January 2017, gold has set 14 historical highs, as heightened trade tensions have increased the demand for safe assets. Trump has imposed a plan to introduce a series of U.S. tariffs, starting with tariffs of 25 percent on steel and aluminum, which were introduced in February, as well as mutual tariffs on certain sectors, which are expected to be proposed from April 2.
Analyst Market Edwards Mayer stated: "Gold has significantly risen due to the weakening dollar and ongoing uncertainty regarding tariffs." The dollar index approached a five-month low, making gold more accessible to foreign buyers.
As for other precious metals, the price of silver in the futures market rose by 0.2 percent to $33.89 per ounce, platinum increased by 0.5 percent to $1004.65 per ounce, and palladium rose by 0.5 percent to $969.6 per ounce.
