FX.co ★ Gold Keeps Smashing Records

Gold prices surged to an unprecedented high of over $3,080 per ounce on Friday, as investors flocked to this safe haven in response to escalating concerns about a global trade war, triggered by new tariffs introduced by U.S. President Trump. The precious metal has increased by nearly 2% this week, marking its fourth successive weekly gain, driven by anxieties surrounding tariffs, trade conflicts, and geopolitical uncertainties. Additionally, the PCE price index for February climbed by 0.4%, surpassing expectations. Although the Federal Reserve has maintained steady interest rates following three reductions in 2024, markets are expecting a 63 basis point cut by the end of the year. Trump's plan to introduce reciprocal tariffs on April 2 further exacerbates concerns regarding inflation and trade tensions.