The yellow metal is once again on the rise, attracting attention from many investors. On the Comex exchange, its price has surpassed $2,860 per troy ounce. What a remarkable performance!
On February 4, gold futures briefly topped $2,860 per troy ounce, reaching an impressive level. Currently, gold prices are hovering near the $2,860 mark.
Experts attribute this strong bullish momentum to global market uncertainty, largely driven by US President Donald Trump's trade policies. According to analysts at Saxo Bank, the tariff situation could hurt inflation, economic growth, and financial stability worldwide. At the moment, the issue of tariffs is overshadowing all other events, Saxo Bank concludes.
According to Reuters, a record surge in gold prices is also due to growing demand for safe-haven assets amid the threat of US tariffs. As a reminder, the price of the precious metal rose steadily in the second half of 2024, with the gold rally only pausing during Trump's re-election campaign. Now, investors are concerned about tariffs on imports from Canada, Mexico, and China. Against this background, gold prices on the exchange have resumed their upward trajectory. Thus, the yellow metal gained momentum in late January and peaked in early February 2025.
