[image: FILE PHOTO: An employee takes granules of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo]
By Sarah Qureshi, Ashitha Shivaprasad and Rahul Paswan
(Reuters) – Gold pierced through the psychological milestone of $3,000 an ounce on Friday for the first time, building on an historic rally as trade tensions and U.S. rate cut bets supercharge its appeal as a safe haven asset.
Spot gold was up 0.4% at $3,000.87 an ounce at 1015 GMT.
U.S. gold futures were up 0.7% to $3,013.60.
Bullion has scaled 13 all-time highs so far this year and is on track for a second straight week of gains.
“The precious metal still has an abundance of reasons to pursue higher prices, including geopolitical and economic concerns, along with the prospects of Fed rate cuts,” said Han Tan, Exinity Group’s chief market analyst.
U.S. President Donald Trump’s tariffs have played a significant role in raising gold’s demand. The global trade war that has roiled financial markets and raised recession fears is escalating, with Trump on Thursday threatening to slap a 200% tariff on alcohol imports from Europe.
SPDR Gold Trust, the world’s largest gold-backed ETF, said its holdings were at 905.81 metric tons after reaching its highest level since August 2023 in late February. [GOL/ETF]
By Sarah Qureshi, Ashitha Shivaprasad and Rahul Paswan
(Reuters) – Gold pierced through the psychological milestone of $3,000 an ounce on Friday for the first time, building on an historic rally as trade tensions and U.S. rate cut bets supercharge its appeal as a safe haven asset.
Spot gold was up 0.4% at $3,000.87 an ounce at 1015 GMT.
U.S. gold futures were up 0.7% to $3,013.60.
Bullion has scaled 13 all-time highs so far this year and is on track for a second straight week of gains.
“The precious metal still has an abundance of reasons to pursue higher prices, including geopolitical and economic concerns, along with the prospects of Fed rate cuts,” said Han Tan, Exinity Group’s chief market analyst.
U.S. President Donald Trump’s tariffs have played a significant role in raising gold’s demand. The global trade war that has roiled financial markets and raised recession fears is escalating, with Trump on Thursday threatening to slap a 200% tariff on alcohol imports from Europe.
SPDR Gold Trust, the world’s largest gold-backed ETF, said its holdings were at 905.81 metric tons after reaching its highest level since August 2023 in late February. [GOL/ETF]
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