Gold price breaks record of 3000 US dollars per ounce

Geopolitical risks and an escalating customs dispute are ensuring high demand for gold as a safe haven investment. On Friday morning, the price of a troy ounce (approx. 31.1 grams) on the London Stock Exchange rose to 3,001.20 dollars, the highest it has ever been.

Over the course of the trading week, the price continued to rise, with the precious metal increasing in price by more than 80 dollars per ounce since Monday. Safe havens are in greater demand on the financial markets now that there appears to be no breakthrough in the efforts to reach a ceasefire in the Ukraine war.

Another key driver of the gold price is concern about the consequences of the new US administration's aggressive tariff policy. Since Donald Trump took office in January, the precious metal has gained more than ten percent in value.

According to market strategists at trading firm IG Asia, reciprocal tariffs could trigger another wave of market turbulence in the coming months. Gold therefore remains an attractive safe haven in an environment where alternatives are scarce.