Gold bullion production at a plant in the Chinese city of Tongling.
Gold futures rose to $2,974.4 per troy ounce. Since the beginning of the year, the precious metal has increased in price by almost 13%.
World gold prices have renewed historical highs against the backdrop of new statements by US President Donald Trump. This is evidenced by trading data on the Comex exchange on Thursday, February 20.
Thus, gold futures rose by 1.3% to $2,974.4 per troy ounce. Since the beginning of the year, the precious metal has increased in price by 12.7%.
Spot gold prices during trading reached $2,960.1 per ounce (+0.82%), which is also a historical high.
Meanwhile, the spot price of silver increased by 1.8% to $33.6 per ounce. Platinum rose 0.93% to $995.35, and palladium rose 1.41% to $1,004.5.
Reuters notes that precious metal prices are rising on fears that US President Donald Trump’s threats to impose tariffs will spark a global trade war, which will boost investors’ appetite for metals.
“The $3,000 level has a magnetic effect on the market, and although the market looks overbought from a technical point of view, it seems determined to overcome this mark,” said independent analyst Ross Norman.
On the eve, Trump said that he would announce new tariffs within a month or even earlier, which will affect lumber, cars, semiconductors and pharmaceutical products.
Recall, on February 2, Trump imposed tariffs on goods from Canada, China and Mexico. Later it became known that the introduction of tariffs for Canada and Mexico was postponed for a month, because the governments of these countries agreed to the terms of the White House. And on the eve of Trump allowed the conclusion of a trade deal with China.
This happened after China introduced a 15% tariff on American coal and liquefied natural gas, as well as 10% on oil, agricultural machinery and some cars. Beijing also filed a complaint with the World Trade Organization.