International Gold Price Reaches All-Time High... The Ball Launched by Trump's 'Trade War'
Summary
- International gold prices have reached an all-time high and are about to break the $3,000 per ounce mark.
- Analysis suggests that the Trump administration's tariff policies have increased uncertainty in the global economy, boosting demand for gold as a safe-haven asset.
- Experts forecast that gold prices will trade between $3,000-$3,200 per ounce this year and predict the bull market will continue.
Approaching $3,000 per ounce
International gold prices have reached an all-time high and are on the verge of breaking the $3,000 per ounce mark. This is attributed to the Trump administration's tariff policies increasing uncertainty in the global economy and boosting demand for safe-haven assets.
On the 13th (local time), the closing price of gold futures for April delivery on the New York Mercantile Exchange was $2,991.3 per ounce, up 1.5% from the previous session. According to Reuters, the spot gold price was trading at $2,979.76 per ounce around 2 PM Eastern Time, up 1.6% from the previous session, setting a new all-time high.
The spot gold price rose 27% last year and has increased by about 14% so far this year.
Suki Cooper, an analyst at Standard Chartered Bank, analyzed, "Strong demand through gold ETFs (Exchange Traded Funds), continued central bank purchases, geopolitical instability, and ongoing uncertainty due to changes in tariff policies continue to stimulate demand for gold."
Alex Ebkarian, Chief Operating Officer (COO) of precious metals trading firm Alliance Gold, predicted that "the bull market for gold prices is expected to continue for a long time." He forecasted that gold prices would trade in the range of $3,000-$3,200 per ounce this year.
Shin Hyun-bo, Hankyung.com reporter greaterfool@hankyung.com
Korea Economic Daily
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