'Gold Keeps Rising'... First Breakthrough of $3500 Amid Market Uncertainty

Amid ongoing uncertainty in U.S. tariff policy and President Donald Trump's repeated pressure for interest rate cuts, market anxiety has increased, leading to the spot gold price reaching $3500 for the first time ever on the 22nd (local time).

According to Bloomberg News, the spot gold price rose to $3500.1 per ounce during the day, surpassing the $3500 mark for the first time ever.

Following the previous day's first surpassing of $3400, it continues to soar unstoppably.

As of 3:30 PM Korean time, the spot gold price is trading at $3487.4, up 1.85% from the previous session, and has risen nearly 33% this year.

On this day, the June gold futures price also surpassed the $3500 mark for the first time.

The gold futures price rose to $3509.9 per ounce during the day and is moving at $3504.4, up 2.31% from the previous session as of 3:20 PM Korean time.

It is evaluated that President Trump's recent pressure on Jerome Powell, the chairman of the U.S. Federal Reserve (Fed), for continuous interest rate cuts is fueling the preference for safe assets.

Additionally, concerns about a recession due to U.S. tariff policy, the weakening dollar, selling of dollar-denominated assets such as U.S. Treasury bonds, gold accumulation by central banks of various countries, and inflows into gold exchange-traded funds (ETFs) are cited as factors driving up gold prices.

The dollar index, which shows the value of the dollar against major currencies (euro, yen, etc.), is at 98.134, down 0.144 from the previous session as of 3:20 PM Korean time, the lowest level since the end of March 2022.

Goldman Sachs sees the possibility of gold prices reaching $4000 per ounce by mid-next year.

Reporter Choi Soo-jin, Hankyung.com naive@hankyung.com