Baku: Gold prices surged to a record high above the $3,000 mark on Tuesday, reaching the milestone for the second time within a week, APA-Economics reports citing bourse data. This rise comes as investors seek safe-haven assets amidst growing economic concerns fueled by U.S. President Donald Trump’s tariff policies.
According to Azeri-Press News Agency, spot gold was up 0.2% at $3,008.08 an ounce as of 0249 GMT after hitting a record high of $3,012.05 per ounce earlier in the session. This follows its first rise above the $3,000/oz milestone on Friday. U.S. gold futures also saw an increase, rising 0.4% to $3,017.60.
Gold, historically considered a hedge against geopolitical instability, has risen more than 14% so far this year. Since Trump took office in January, gold has hit a record high 14 times as trade tensions have boosted safe-haven demand. Trump has floated plans for a series of U.S. tariffs, including a flat 25% on steel and aluminium that came into effect in February, along with reciprocal and sectoral tariffs slated for April 2.
The U.S. dollar index hovered near a five-month low, making gold cheaper for overseas buyers. New economic projections from Federal Reserve officials this week are expected to provide insight into the likely impact of Trump administration policies. Forecasters have adjusted their expectations for U.S. growth this year, raising concerns about a potential recession and increased inflation.
In related commodities, spot silver gained 0.2% to $33.89 an ounce, platinum added 0.5% to $1,004.65, and palladium rose 0.5% to $969.6.