Demand surges from Trump shock…gold price hits record high of '3900 dollars'
Summary
- It reported that gold prices surpassed 3900 dollars per troy ounce for the first time in history.
- It said that economic and geopolitical uncertainty due to President Donald Trump sharply increased demand for safe-haven assets.
- It reported that the U.S. federal government shutdown, central banks' portfolio diversification, and interest rate cuts were cited as reasons for the price increase.
Gold prices surpassed 3900 dollars per troy ounce (31.1034768ｇ) for the first time in history. This was due to increased demand for safe-haven assets as the U.S. federal government shutdown continued.
According to Reuters, as of 00:27 UTC on the 6th, the gold price was 3900.40 dollars, and earlier rose as high as 3919.59 dollars.
U.S. gold futures for December delivery at one point climbed to 3926.80 dollars.
According to Bloomberg, as of 00:45 UTC on the 6th, the gold price was 3905.54 dollars, up 0.5%, and earlier reached as high as 3920.63 dollars.
Gold prices have risen 49% year-to-date, repeatedly breaking record highs.
Factors cited include a surge in safe-haven demand as U.S. President Donald Trump’s shock to the market increased economic and geopolitical uncertainty, rate cuts by the U.S. central bank (Fed), and purchases by central banks to diversify portfolios into non-dollar assets.
Hankyung.com reporter Shin Yong-hyun yonghyun@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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