bouncingball8 Gold price hits new record over $2,850 on tariff uncertainty

FILE – Gold bars are stacked in a vault at the U.S. Mint in West Point, N.Y., on July 22, 2014. (AP Photo/Mike Groll, File)

London, United Kingdom — The price of gold hit a new record on Thursday, lifted by uncertainty over the economic policies of US President Donald Trump and the dollar’s weakness following a disappointing US growth report.

Around 1800 GMT, gold was trading at $2,844 an ounce, after earlier in the session hitting a record high of $2,853, bursting through its previous record of $2,790 in late October.

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READ: Gold breaks above $2,700 to record high

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The previous peak owed in large part to geopolitical unrest in the Middle East and Ukraine, whereas Thursday’s spurt was more linked to inflationary concerns about Trump’s policies, according to Susannah Streeter, head of money and markets at Hargreaves Lansdown.

“Gold is shining as a safe haven asset, with investors seeking shelter to weather the storm of unpredictability,” she said.

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“With US President Donald Trump still dangling the threat of tariffs over near neighbors and far foes, there are concerns that they could push up US consumer prices, increase inflation, and lead to interest rates staying higher for longer.”

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She added that this week’s “gyrations on stock markets, caused by progress made by Chinese AI rival DeepSeek may also have helped gold’s glittering run upwards”.

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Gold was also boosted when a report on US economic growth came in a bit weaker than expected, putting an end to a recent dollar rally.

“Affordability has many dimensions to it. If we say that this fuel source is expensive today, that could not be true tomorrow,” Carlos Lorenzo Vega, vice president of First Gen Corp., told reporters on the sidelines of the Economic Journalists Association of the Philippines (EJAP)-AboitizPower Renewable Energy Forum last Friday.

Preliminary results of the PSA’s August round of the Labor Force Survey (LFS) showed the unemployment rate recorded the lowest in two months or since the 3.1 percent recorded in June, translating to 2.07 million jobless Filipinos.

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Gold profited last year as central banks began to cut interest rates and thanks to a reduced import tax on the commodity in India, the world’s second-largest consumer of gold jewellery.

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A consequence of record gold prices has been a sizable increase in the recycling of the precious metal.

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