Gold’s record rally continues as the precious metal’s price has risen above $3,300 U.S. per ounce for the first time.
Fears over the impacts of U.S. President Donald Trump’s tariff and trade policies continues to send investors running into the relative safety of gold bullion.
As a result, the spot price of %Gold rallied to a record $3,357.40 U.S. on April 16, breaking above $3,300 U.S. an ounce only weeks after hitting the $3,000 U.S. level for the very first time.
Gold has gained 3% in the past three trading sessions alone and is up more than 20% on the year as equity markets slide further into the red.
In addition to tariff worries, the U.S. dollar has recently been trading near a three-year low, further bolstering demand for gold.
Gold rose as much as 4% on April 16 after President Trump reiterated plans to place tariffs on critical mineral imports, as well as pharmaceutical and microchip imports.
At the same time, U.S. Federal Reserve Chair Jerome Powell said the U.S. central bank will wait for more data before adjusting interest rates, dampening hopes that it will rescue markets.
Gold, traditionally viewed as a hedge against inflation, tends to thrive in a low-interest rate environment.
The yellow metal is also being bought in droves by central banks around the world, especially by top consumer China.
Central banks tend to load-up on gold bars during times of geopolitical chaos and economic uncertainty.
