The global price of gold crossed $3,100 for the first time in Monday trading, driven by demand for a safe haven asset amid Donald Trump's tariff plans, the global trade war and economic fallout.
According to Ashura News, quoted by Mehr News Agency, the price of an ounce of gold for immediate delivery rose 0.6 percent to $3,103.63 after hitting a record high of $3,107.26 in today's trading.
Gold prices have risen more than 8 percent in March.
The U.S. dollar index fell 0.2 percent, making gold, which is priced in dollars, cheaper for foreign buyers.
Tim Waterer, senior market analyst at KCM Trade, said: "Market anxiety levels have increased due to high demand for gold ahead of the announcement of the US retaliatory tariffs. If the tariffs announced this week are not as severe as feared, gold prices could retreat as it may lead to profit-taking at the highest level.
US President Donald Trump is expected to announce retaliatory tariffs on April 2, with auto tariffs set to take effect on April 3.
Trump said on Sunday, fueling concerns about a global trade war, that he was furious with Russian President Vladimir Putin and would impose tariffs of 25 to 50 percent on buyers of Russian oil if he felt Moscow was obstructing his efforts to end the war in Ukraine.
Gold, traditionally seen as a hedge against political and economic uncertainty, has risen more than 18 percent this year, according to Reuters. The rise in gold prices has prompted several banks to raise their 2025 price forecasts.
In other precious metals, silver rose 0.7 percent to $34.35 an ounce, platinum was steady at $984.7 an ounce and palladium rose 0.5 percent to $976.72 an ounce, with all three metals set for monthly gains.
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