On Friday (March 14), the price of gold reached another record high so far, causing $ 3,000 an ounce.
Precious metal has gained significant speed from the beginning of the year. In morning trading on Friday, it briefly rose to $ 3,004 an ounce before the US fell back at $ 2,989.
Friday comes the rise between increasing trade tension between the US and Europe. On Thursday (March 13), US President Donald Trump threatened to impose significant tariffs on major European products including alcohol.
Chart through investment news network.
Gold Price Chart, 7 to 14 March, 2025.
There were danger during a week time. On Tuesday (March 11), Ontario Premier Dug Ford put 25 percent of the overload on electricity exports to the US. Although the allegations were withdrawn after agreeing to meet in Washington on Thursday, there is still great uncertainty about Canada-US relations.
A comprehensive 25 percent tariffs on all steel and aluminum imports in the US came into effect on Wednesday (March 12). Canada quickly implemented a ventilative tariff on US $ 20 billion goods, while the European Union responded with tariffs on US $ 28 billion goods. Trump had earlier threatened to increase the tariff to 50 percent on Canadian steel and aluminum, but Ford supported the time after withdrawing 25 percent of the power surcharge.
Trump has also said that he will further put forward tariffs on auto imports by 2 April, which will create significant uncertainty for manufacturers and businesses that rely on border trade.
The additional tailwind for gold speed this week involves releasing the US consumer and manufacturer price index data on Wednesday and Thursday, showing that inflation has become sticky.
This news is adding more fuel to the recession speculation and helping to aunt gold.
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Securities disclosure: I, Dean Belder, is not interested in any company mentioned in this article.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
