Gold prices soared to unprecedented levels on Wednesday morning due to uncertainties caused by the new trade policies of the White House, with the precious metal surpassing the symbolic mark of $3,300 per ounce.
At around 10:05 on Wednesday, the price of gold surged by 1.57% to $3,302.12 per ounce.
"The escalating trade tensions are unsurprisingly boosting the demand for gold," noted Ipek Ozkardeskaya, an analyst at Swissquote.
The weakening of the US dollar is also contributing to the appreciation of gold. "The US dollar remains under pressure from the trade war, which is beginning to have tangible consequences for American businesses and is fuelling fears of a recession in the United States," the analyst added.
Last Friday, gold rose to over $3,200 for the first time, gaining 1.7% and reaching a record price of around $3,233 per troy ounce (31.1 grams). It also broke the $3,100 milestone for the first time in late March.
