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Gold soared to a record $2,990.21 an ounce on Friday, surpassing highs set earlier in the week, as President Donald Trump’s tariff threats and weak inflation data drove investors toward safe investments.
The precious metal’s rally was fueled by US data which showed stagnation in wholesale inflation in February, reinforcing prospects for an eased monetary policy by the Fed.
Lower borrowing costs typically benefit gold because it offers no yield of its own. Meanwhile, US government debt attracted heavy demand, pushing 10- and 30-year Treasury yields to fresh monthly peaks.
Concerns over American growth also took a toll on equities, as the S&P 500 slipped into a 10% correction on Thursday, erasing about $5 trillion in market value since its February peak.
Trump’s vow to hit European wine and related products with a 200% tariff added to investor anxiety, alongside his refusal to remove newly imposed steel and aluminum tariffs or back down on reciprocal tariffs slated for April 2.
Overall, Banks have become bullish on gold. The Macquarie Group predicted that its prejudice could surge up to $3,500 per ounce in the 2nd quarter. BNP Paribas SA expects that the average price of gold will remain above $3,000.
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