Gold prices just hit a record high, soaring above $3,100 per ounce for the first time! This rise is happening because people are worried about U.S. President Donald Trump’s tariffs, which are taxes on imports, and how they might hurt the economy. There are also fears about global issues that could affect stability.
Gold is considered a safe investment during uncertain times, and this year alone, its price has gone up more than 18%. Earlier this month, gold even surpassed the important $3,000 mark, a big deal for investors. Experts believe that these rising prices show that many people are concerned about economic problems and inflation, which is when prices for everyday goods go up.
Big banks like Goldman Sachs, Bank of America, and UBS are increasing their predictions for gold prices. Goldman thinks gold might reach $3,300 per ounce by the end of the year, up from its current price, while BofA predicts gold could hit $3,063 per ounce in 2025 and even $3,350 per ounce in 2026.
Trump has proposed new taxes on imports to protect U.S. businesses, including 25% tariffs on cars and a 10% tax on everything coming from China, with fresh tariffs expected to be announced soon. Experts believe that until there’s a resolution to these trade issues, gold prices will keep rising.
Analysts also point out that strong demand from central banks and flows into gold exchange-traded funds (ETFs) are supporting this price surge.
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