Gold is on fire as Donald Trump is set to impose tariffs as early as Saturday, and prices could cross $3000; here's what analysts are saying
Gold prices have reached a record high as investors buy the precious metal in response to growing concerns over US president Donald Trump’s tariff plans and broader economic uncertainty, reported Reuters.
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The spot gold reached a record high of $2,817.23 per ounce on Friday, as per the report.
What are analysts saying?
According to the Reuters report, analysts believe that gold may continue to climb even higher. It may reach $2,900 in the first quarter and may even touch the $3,000 mark later this year, said Bob Haberkorn, a senior market strategist at RJO Futures.
The reason behind the surge in the price of gold is Trump's intention to place 25% tariffs on imports from Mexico and Canada, and that is bringing fear about inflation and a war over trade.
Gold has been the safe haven for investors at times of uncertainty, and the increasing inflation fear is bringing people towards it to hedge risk.
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