The price of gold soared to a record high on Monday, reaching $3,405.19 per ounce, as global trade tensions intensified and investors flocked to safe-haven assets.
Driven by fears of further escalation in the US-China trade war, gold prices rose over 2.3% in a single day.
The new peak reflects growing market anxiety over the economic fallout from the latest round of tariffs imposed by the world’s two largest economies.
In addition to trade fears, central banks’ recent moves to cut interest rates have fueled gold’s rise. The European Central Bank reduced rates by 25 basis points last week, contributing to the metal’s upward momentum.
With uncertainty looming over global markets and further rate cuts anticipated, gold continues to serve as a refuge for investors seeking stability in turbulent times.
