Gold pierced through the psychological milestone of $3,000 an ounce on Friday for the first time, building on an historic rally as trade tensions and U.S. rate cut bets supercharge its appeal as a safe haven asset.
Spot gold was up 0.4% at $3,000.39 an ounce at 1031 GMT. Prices have scaled 13 all-time highs in 2025 so far, and have risen over 14%. “Amid escalating geopolitical tensions, rising trade tariffs, and growing financial market uncertainty, investors are increasingly seeking stability and they are finding it in gold,” said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.
“As gold surpasses the $3,000 mark, short-term profit-taking could put temporary pressure on the price.”
U.S. President Donald Trump‘s tariffs have played a significant role in raising gold’s demand. The global trade war that has roiled financial markets and raised recession fears is escalating, with Trump on Thursday threatening to slap a 200% tariff on alcohol imports from Europe.