Gold prices are on the verge of their latest record ahead of a critical decision.

Gold prices are on the verge of their latest record ahead of a critical decision.

02.04.2025 09:00

The announcement by U.S. President Donald Trump that he will impose new global tariffs has stirred the markets. Geopolitical tensions and economic uncertainties are also among the factors supporting gold prices upward. Today, the price of gold per ounce rose above $3,130, approaching record levels.

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The escalating global trade wars are directing investors towards safe havens. With increasing demand, gold prices are breaking records one after another.



THE FIRST STAGE OF TARIFFS COMES INTO EFFECT TODAY



However, it is expected that Donald Trump's reciprocal tariffs will come into effect today in the U.S. Trump stated that the customs duties would apply to all countries. Additional customs duties on automobiles will be implemented on Thursday. The White House did not provide details regarding the scope of the tariffs. It was noted that the new customs duties would be implemented quickly. Trump raised concerns about the economic impacts by implying that the customs duties would affect many countries.



INTEREST RATE EXPECTATIONS ALSO AFFECT GOLD PRICES



In addition to the trade wars, expectations of interest rate cuts from the U.S. Federal Reserve, along with central bank purchases, are also supporting gold prices upward. Investors are focused on the non-farm payroll figures to be announced on Friday. The effects of the employment data on the Fed's monetary policy will be monitored.



HERE ARE THE CURRENT GOLD PRICES



Today, the ounce of gold rose above 3,130 dollars, hovering near record levels. The price of gold per ounce had increased by nearly 20% this year, reaching up to 3,150 dollars. The gram of gold changed hands at 3,803 lira. The quarter gold was sold for 6,215 lira.



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