London March 15 2025: Gold broke through the key $3,000 barrier on Friday for the first time as investors piled on to a historic rally in the safe-haven asset to seek cover from economic uncertainty sparked by U.S. President Donald Trump’s tariff war.
Spot gold hit an all-time high of $3,004.86 earlier in the session, before easing 0.1% to $2,986.26 as of 02:01 p.m. ET (1801 GMT) on profit taking.
U.S. gold futures settled 0.3% higher at $3,001.10.
Gold’s surge past the $3,000 milestone was driven by “beleaguered investors seeking the ultimate safe-haven asset given Trump’s tumult on stock markets,” said Tai Wong, an independent metals trader.
Traditionally viewed as a safe store of value during geopolitical turmoil, bullion has risen nearly 14% so far this year, driven in part by concerns over the impact of Trump’s tariffs and a resultant selloff in stock markets.
“Real asset money managers, particularly in the West, needed a strong stock market and economic slowdown scare to return to gold — and that’s happening now,” said Ole Hansen, head of commodity strategy at Saxo Bank.
