LONDON, January 31, 2025 – Gold hit a new record high on Thursday, solidifying its status as a safe haven in light of uncertainties regarding Donald Trump’s economic policies. This increase was further bolstered by a decline in the dollar following disappointing U.S. growth data.
On Thursday, at approximately 16:00 GMT (17:00 in Paris), the price of gold peaked at $2,798.59 per ounce, surpassing its previous record of $2,790.10 set at the end of October.
The protectionist trade policies promised by Trump could theoretically enhance the appeal of the dollar, as they are expected to drive inflation higher, thereby pressuring the U.S. Federal Reserve to maintain elevated interest rates. Recently, the central bank opted to keep its current rates unchanged.
