Gold prices reached their tenth intrayear record, rising to $2,954.69 per ounce as markets reacted to President Trump’s recent trade warnings and rising geopolitical tensions.
The precious metal has climbed about 12% in 2024, driven by growing investor concern over the prospect of new tariffs that could affect a range of industries, including lumber, automobiles, semiconductors and pharmaceuticals. Those worries have pushed demand for gold as a traditional safe-haven asset.
Market analysts increasingly regard the $3,000 level as the next logical milestone. Traders point to the current $2,950 area as the final technical resistance before gold tests that round number, and many expect momentum to carry prices higher if that barrier is cleared.