14:35 29 March 2025
Gold Price Hits All-Time High Amid Global Uncertainty
Gold prices surged to a new all-time high on Friday, driven by ongoing fears related to trade wars and global economic uncertainty. At 11:08 GMT, the spot price of gold reached $3,075.77 per ounce, after hitting a record level of $3,086.21 earlier in the day, according to Reuters. U.S. gold futures also saw gains, peaking at $3,124.40 at the start of the session.
“Gold has always been and will continue to be a long-term 'buy and hold' asset due to its ability to preserve wealth and act as a hedge against turbulence in other asset classes,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, said.
Market experts expect further gains, with Alexander Zumpfe from Heraeus Metals Germany predicting the price could test the $3,200-3,250 range, assuming no major shifts in Federal Reserve policy or geopolitical risks.
Other precious metals also recorded gains, with silver rising to $34.43 per ounce and palladium increasing to $979.61, while platinum slightly dipped to $983.50.
