For the first time in history, gold prices surged past $3,000 an ounce on Friday, driven by rising demand for safe-haven assets as investors reacted to concerns over President Donald Trump’s tariffs and global geopolitical tensions.
Gold prices peaked at a record $3,005 per ounce before settling slightly below the $3,000 mark.
Jason Hollands, Managing Director at Evelyn Partners, a UK-based wealth management firm, described gold as “the panic asset of choice”, attributing its sharp rise to “the extreme uncertainty facing the global trade system” due to Trump’s aggressive and unpredictable tariff policies and the resulting retaliatory measures from other nations.
The surge in gold prices underscores investors’ growing caution amid economic and geopolitical instability, reinforcing gold’s reputation as a reliable hedge in times of uncertainty.
