London: The price of gold has hit the $3,000 per ounce mark for the first time as demand for the precious metal surges amid economic uncertainty over the impact of a global trade war.
Gold touched a record $3,004.86 per ounce on Friday, with prices having risen by 14% since the start of 2025.
Gold is seen as a safer asset for investors and is often sought after in times of economic instability.
The escalating trade war between the US and many of its largest trading partners has unsettled financial markets and raised concerns about the impact on economies and consumers across the world.
The introduction of tariffs, which are taxes charged on businesses importing goods from overseas, has fuelled fears of price inflation, which has driven investors to gold.
When tariffs are imposed on goods, businesses face extra costs, which could be passed on through the price tags of the products sold to consumers – increasing the cost of living.
On Thursday, US President Donald Trump threatened a 200% tariff on any alcohol coming to the US from the European Union (EU) in the latest twist of the trade war.
The announcement was in response to the EU’s plans for a 50% tax on imports of US-produced whiskey as part of the bloc’s first retaliation to Trump’s blanket tariffs on all steel and aluminium imports to the US from any country.
