Gold Prices Hit All-Time High on Friday

Gold prices soared to a historic high in the international market on Friday, driven by economic uncertainty and trade concerns.

According to reports, spot gold rose by 0.6% to $3,074.31 per ounce at 0400 GMT, after reaching an all-time peak of $3,077.44 earlier in the session. The precious metal has gained 1.7% this week, marking its fourth consecutive weekly increase. Meanwhile, US gold futures climbed 0.8% to $3,084.70 per ounce.

Financial market analyst Kyle Rodda from Capital.com stated that various factors, including US trade and fiscal policies, geopolitical tensions, and economic slowdown, are pushing gold prices higher. He also noted that the next significant target is $3,100 per ounce.

The rise in gold prices follows new tariff plans announced by US President Donald Trump, raising fears of an escalating global trade war. This has led investors to turn to gold as a safe-haven asset.

Uncertainty over trade disputes, potential interest rate cuts, geopolitical conflicts, and central bank purchases have all contributed to gold surpassing the critical $3,000 per ounce mark.

Analyst Edward Meir from Marex highlighted that markets are still evaluating possible retaliatory actions, further fueling gold’s rise.

Canadian Prime Minister Mark Carney has warned of potential trade countermeasures if Trump imposes new auto tariffs. The move could deepen trade tensions, impact stock markets, and slow economic growth.

Trump’s planned reciprocal tariffs, set to take effect on April 2, may increase inflation, weaken economic performance, and escalate trade disputes.

BMI analysts maintain a positive outlook on gold, citing ongoing uncertainties in US policies, global trade conflicts, military tensions, inflation concerns, and broader economic instability as key drivers of the metal’s continued rise.

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