Gold Rises To Record High On Rising Demand
Gold rose to a record high as the Trump administration pressed ahead with investigations that could widen a widening trade war, boosting demand for the precious asset.
Bullion rose above $3,261 an ounce for the first time on Wednesday, surpassing an all-time peak set on Monday. U.S. President Donald Trump on Tuesday resumed an investigation into the need for levies on critical minerals.
The precious metal has risen more than 20% this year as the escalating trade war has stoked concerns about the prospect of a global recession.
Leading banks remain optimistic about gold’s prospects over the coming quarters as investors add to holdings in bullion-backed exchange-traded funds and central banks continue to accumulate the metal. Goldman Sachs Group Inc. has forecast that prices will climb to $4,000 an ounce by mid-2026. Gold rose 0.4% to $3,243.28 an ounce as of 7:50 a.m. in Singapore. The Bloomberg Dollar Spot Index was slightly lower. Silver and palladium were flat, while platinum was slightly lower.
Source: Bloomberg
