31.01.2025 09:51
Concerns about U.S. President Donald Trump's tariff plans and the country's debts have driven the price of gold to a record high. Gold, considered a "safe haven," continues to gain value amid geopolitical risks and economic uncertainty. The price of gold reached $2,798 per ounce today, setting a new record. Analysts indicate that Trump's policies and the recent fluctuations in the stocks of major technology companies have increased demand for investment assets.
There is uncertainty regarding U.S. President Donald Trump's tariff plans, which continues to affect asset prices, while concerns about a weak dollar and U.S. debt have pushed the price of gold to a record high. As a "safe haven" asset, gold continues to break records due to geopolitical risks, increasing uncertainty, concerns about economic stagnation, and assessments that interest rates will decline globally.
HISTORICAL RECORD
Today, the price of gold reached $2,798 per ounce, setting a new record. Starting the new year at $2,620, the price of gold has gained approximately $180 since the beginning of the year, surpassing the previous record of $2,790 in October 2024. Analysts point out that geopolitical developments in the Middle East and Ukraine, along with the policies of Donald Trump, who has returned to the presidency in the U.S., have a significant impact on gold prices. Analysts noted that Trump's recent political decisions have raised concerns about inflation and the national debt increasing further in the U.S.
ECONOMISTS POINTED TO CONCERNS
Some economists argue that Trump's planned tariffs will lead to higher prices and lower economic growth in the long run, stating that concerns about a weak dollar and U.S. debt have pushed the price of gold to record levels. Meanwhile, some analysts have noted that the recent 'volatility' seen in the shares of major technology companies has increased demand for investment vehicles considered safe havens.
5 WEEKS OF UNINTERRUPTED RISE
The precious metal is heading towards its fifth consecutive weekly increase, benefiting from safe haven demand as fears of trade wars that could undermine economic growth have increased due to Trump's tariff threats. Additionally, concerns that promises to cut taxes and overhaul immigration could erode U.S. finances and revive inflation are also supporting gold. Federal Reserve Chairman Jerome Powell stated on Wednesday that the U.S. central bank is in a "wait and see" mode regarding the potential effects of the new administration's policies.