Gold price hits new record high as trade tensions escalate
The price of gold reached a new record on Thursday with an ounce trading at $2,983.50 at 1810 GMT amid uncertainties caused by US President Donald Trump's trade policies, Anadolu Agency reports.
The ounce of gold rose 1.68% on Thursday to set a new record.
The safe haven asset has gained around 10% since Trump took office on Jan. 20.
After starting 2025 at $2,620, it has gained around $358 in value since the beginning of the year, while setting new records 12 times this year.
While the ounce price of gold rose 27% in all of last year, so far this year it has already gained 14%.
Trump's tariff threats took effect on Wednesday, imposing 25% levies on all steel and aluminum imports.
On March 4, Trump also imposed 20% tariffs on China.
He also threatened to impose 25% tariffs on Canada and Mexico, but later postponed those tariffs after negotiations with the two countries' leaders.
Trump on Thursday threatened to impose 200% tariffs on alcohol drink imports from the EU unless the union withdraws a 50% tariff on American whisky.
The president's tariff threats continue to stoke fears of a further global trade war as countries vow to take retaliatory measures.
As reported earlier, the United States on Tuesday reversed its plan to impose extra 25 percent tariffs on Canadian steel and aluminum, after the Canadian province of Ontario dropped tariffs on electricity exports to three U.S. states.