Gold sets a new record on Friday, concluding an atypical week for the precious metal market.
In a dramatic turn of events, the price of gold has broken through the $3,500 per ounce barrier, setting a new record high on Tuesday, September 2. This milestone comes amidst a turbulent economic landscape, with the gold market being significantly affected by the unpredictable policies and announcements of President Donald Trump.
The previous record for gold price was set on April 22, 2020, when the price reached approximately $3,500.05 per ounce. However, the price surged even higher in September, shattering the previous record on September 5. On this day, gold flirted with the $3,600 per ounce mark.
The record high set on September 5 also came after a slight retreat from $3,578 per ounce, a level gold reached in the next session. This gain in gold price since the beginning of the year represents an increase of over a third.
The rise in gold price can be linked to Trump's economic policies, which have created confusion in the markets and contributed to market instability. The announcements of tariffs have fueled market volatility, and the April fever in the markets was partly caused by Trump's tariff announcements.
Trump's arrival at the White House has further darkened the economic outlook, leading to a flight to safety that has benefited gold. As a result, gold is leading the pack in the best performing commodities.
However, the publication of a regulation subjecting gold bars to taxation upon entry into American territory added to market uncertainty. This regulation was later denied by Trump, further fuelling confusion.
Over the past three years, the gold price has nearly doubled, reflecting the uncertain economic climate and the search for safe-haven assets. As we move forward, it will be interesting to see how gold prices continue to be influenced by Trump's economic policies and announcements.
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