Gold prices soar to all-time high over trade war concerns
Gold prices soar to all-time high over trade war concerns
March 28 (Reuters) - Gold prices surged to a record high on Friday, as investors flocked to the safe-haven asset amid fears of a global trade war triggered by U.S. President Donald Trump's latest tariffs.
Spot gold climbed 0.7% to $3,077.48 an ounce as of 09:06 a.m. ET (1306 GMT) after hitting its eighteenth record high this year at $3,086.21 earlier in the session. Bullion is up 1.8% this week and is on track for a fourth straight weekly gain.
U.S. gold futures added 0.7% to $3,083.20.
"It continues to be the safe-haven demand on ramped up concerns about tariffs, trade and ongoing geopolitical uncertainty as well," that is supporting gold, said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Gold, traditionally seen as a hedge against economic and political instability, tends to thrive in a low-interest rate environment.
The Personal Consumption Expenditures (PCE) price index increased 0.4% in February, compared with analysts expectation of 0.3% rise, similar to January's increase.
