The US tariff policy has led to increased investment safe-haven demand, and gold prices have broken through the $3,000 mark twice in a week, once again hitting a record high.
As of around noon on Tuesday (March 18), the spot price of gold reached $3,012.09 per ounce.
According to Reuters, gold has broken the $3,000 mark twice in less than a week. U.S. President Donald Trump's tariff policies have sparked economic concerns, causing investors to seek safe-haven investments.
Gold, traditionally seen as a reliable store of value in times of geopolitical instability, is up 14% this year. Since Trump took office in January, trade tensions have led to rising safe-haven demand and gold has hit record highs 14 times.
Ubs said in a note: "With gold having reached our long-held target price of $3,000 per ounce, the big question is whether the rally will continue. We believe it will, as long as policy risks and the intensifying trade conflict continue to spur safe-haven demand."
The bank raised its target price for all contract periods to $3,200 per ounce.
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