The price of gold soared to new all-time highs above US$3,120 an ounce on Monday as economic and market uncertainty price strategy ramped up ahead of the start of Donald Trump’s tariffs later in the week.
Gold has climbed above US$3,120 per ounce, up from around US$3,020 a week ago.
In metric measures, gold surpassed a significant milestone, rising to above US$100,000 per kilogram.
The yellow metal has surged since late 2023.
Having seen short, sharp spikes above US$2,000 an ounce in previous years, from November 2023, to the end of 2024, the price of gold rose from US$1,980 to almost US$2,390 by midway through the year.
At the start of 2025 gold was available at just over US$2,623 an ounce.
“Uncertainty has the Midas touch”, said commodities strategists at RBC Capital, which upped its forecasts due to “bad vibes and high uncertainty”.
They said they believe “it’s clear that economic sentiment has deteriorated and gold’s appeal is more durable in this environment, meaning elevated prices should hold”.
