(Reuters) – Gold prices scaled a record peak above the key $3,000 mark on Tuesday for the second time within a week, as investors sought cover from economic concerns fuelled by U.S. President Donald Trump’s tariff polices.
Spot gold prices hit a record high of $3,005.09 per ounce.
Historically considered a reliable store of value during times of geopolitical instability, gold has risen 14% so far this year. Since Trump took office in January, gold has hit a record high 14 times as trade tensions have led to growing safe-haven demand.
“With the price now reaching our long-held target of $3,000/oz, the main question is whether the rally will continue. We think so, as long as policy risks and an intensifying trade conflict continues to spur safe-haven demand,” UBS said in a note. “We revise our target to $3,200/oz over all tenors (from $3,000).”
Trump has floated plans for a series of U.S. tariffs, from a flat 25% on steel and aluminium which came into effect in February, as well as reciprocal and sectoral tariffs that he said will be imposed on April 2.
(Reporting by Ashitha Shivaprasad and Anjana Anil in Bengaluru; Editing by Krishna Chandra Eluri and Rashmi Aich)
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