Another record of gold – Cyprus Newspaper
Gold broke a record with concerns about the expansion of the trade war.
After US President Donald Trump implemented a 25 percent customs duties on all automobile imports, concerns about the expansion of the trade war directed investors to safe port assets.
Gold, gold, rose by 0.7 percent on Friday to $ 3,077 per ounce, reached the highest level of all time. Leaving behind the broken record on Thursday, the precious metal turned to the fourth -week earnings in a row.
Trump said on Thursday that the EU and Canada would face more harsh sanctions if they unite in order to harm economic damage to the US and officially approved the tariffs for automobile imports. The markets are also preparing for new trade taxes that will enter into force on April 2. Although it is stated that the White House will put “mutual tariffs” in practice, the full scope of the plan has not yet become clear.
Gold gained approximately 16 percent this year and reached a record level at least 15 times. The intensive purchases of the central banks and the demand of investors to safe port assets continued to support gold prices due to geopolitical and economic uncertainties. These factors helped to keep the gold strong despite the expectation that the US Federal Reserve would only reduce interest rates of two quarters this year. Low interest rates often make gold without interest rates more attractive.
Large banks revised the price forecasts for gold. Goldman Sachs increased the annual ounce price estimation to $ 3,300 at the end of this week. The Bank showed strong entrances to high demand and gold -supported stock investment funds (ETF) from central banks as the main reasons for this increase.
On the other hand, silver has been close to its highest levels since 2012.
As of 10:27 at Singapore time, the spot gold was traded for $ 3.076.92 per ounce with an increase of 0.6 percent, while the weekly earnings moved to 1.8 percent. The Bloomberg Dollar Spot Index remained constant, while silver was horizontal, and platinum and paladium rose slightly.
