London (dpa -Afx) – The gold price continued its record hunting on Tuesday. Causes about possible consequences of aggressive US customs policy further ensured an increased demand for as a safe manner and let the gold price increase the third trading day in a row to a record high.
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On the stock exchange in London, the price for a troy ounce (31.1 grams) rose to $ 2,942.68 in the early morning. He stood with it more than ever. Even in euros, the precious metal marked another record high at EUR 2,856.78 per ounce.
Since the beginning of the year, the gold price has tended to have been going up, although the high -rise flight has gained a clear speed since the beginning of February. Since then, the precious metal has gained more than ten percent of value. The increasingly new customs announcements by US President Donald Trump are currently the strongest price driver.
Most recently, Trump had launched tariffs of 25 percent on steel and aluminum imports to the United States. The Republican signed two orders and said that the tariffs should apply without exception to imports from all countries.
Market strategist Joseph Cavatoni from the World Gold Council interest association referred to the uncertainty on the financial markets because of the US tariffs. There is currently no clarity about future commercial and economic policy in the United States, and the concern for the course movement on the gold market.
Because of the uncertainty on the market, Cavatoni did not want to exclude an increase in the gold price to $ 3,000. However, significant countermovements could also be used and the gold price could be used again under sales pressure.
Precious metal dealer Alexander Zurpfe from Heraeus also considers an increase in the gold price up to $ 3,000 in the coming trading days. As a result of US customs policy, investors’ fears could also play a role before an increase in inflation. The demand for central banks is also seen as an essential driver of the gold price on the market. Most recently, central banks increased their gold stocks to make the national reserves a bit more independent of the US dollar.
The Chinese central bank is currently being referred to the market. As the Business Service Bloomberg reports, China’s currency authorities increased their gold reserves for the third time in a row. In addition, the second largest economy in the world has announced a program that allows large insurers to invest up to one percent of their assets in gold for the first time