Gold prices surged to a new record at the start of the trading week on Monday, rising 0.9% to $3,115 per ounce. The increase was driven by growing demand for gold as a safe-haven investment amid rising economic uncertainty. This comes ahead of the implementation of former U.S. President Donald Trump’s new tariffs on imports starting Wednesday, sparking fears of a global trade war.
Since the beginning of the year, gold prices have risen by approximately 18%, supported by central bank purchases and heightened geopolitical and economic uncertainty. Meanwhile, major banks have raised their gold price forecasts, with Goldman Sachs now predicting it will reach $3,300 per ounce by the end of the year.
As of 1:35 PM Singapore time, spot gold was trading at $3,111.44 per ounce. The Bloomberg Dollar Index fell 0.1%, while silver, platinum, and palladium prices saw gains.
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