Gold Prices Soar to Record Highs Amid U.S. Tariff Concerns
This week, gold has soared to unprecedented levels as investors seek refuge in this safe-haven asset ahead of the upcoming U.S. tariffs set to take effect next week.
On Friday, gold hit a historic peak of $3,085.96 per ounce, having already established a record the previous day. By 14:25 GMT, the precious metal was trading at $3,082.79 an ounce, up from $3,022.15 just seven days prior at market close.
“The price gap between gold on the New York Comex and that in London has once again widened,” analysts observed, noting that U.S. gold is trading even higher due to potential impacts on gold imports from Canada resulting from these tariffs.
In light of geopolitical and economic uncertainties, central banks are ramping up their purchases of gold and silver bars to strengthen their reserves. Consequently, silver is approaching its highest level since 2012, trading at $34.40 an ounce on Friday.
Copper prices experienced a slight decline this week after reaching their highest level since June 2024 on the London Metal Exchange (LME) and setting records in New York amid the backdrop of U.S. tariffs. On the LME, a ton of copper was priced at $9,830 on Friday, down from $9,855.50 a week earlier at market close.
Cocoa prices remained relatively stable this week, as concerns over reduced production in Côte d’Ivoire were balanced by forecasts of declining demand. The May delivery cocoa ton was valued at £6,202 in London on Friday, compared to £6,072 a week earlier at session’s end. In New York, the same month cocoa ton traded at $7,973, up from $7,765 last Friday at close.
