Gold at its peak: investors react to the threat of new US tariffs.

Gold prices have reached an all-Time high due to the trade war and economic growth

Gold prices have reached an all-time high due to tensions in the trade war and concerns about global economic growth. This situation has led to a surge of investments in safe-haven assets following new tariff threats from US President Donald Trump.

The price of gold reached $2,935.10 per ounce after spiking to an all-time high of $2,946.85 per ounce earlier during the session. This year, gold prices have set a record for the ninth time.

Gold futures in the US rose by 0.1% to $2,953.1.

Analysts believe that the fluctuations in gold prices are caused by President Trump's statements about impending tariffs on cars and pharmaceuticals. It is projected that the price of gold could reach $3,000.

'I don't see central banks stopping their gold purchases anytime soon; rather, I expect them to continue diversifying their reserves into gold and support its price,' said UBS analyst Giovanni Staunovo.

Gold is seen as a hedge against rising inflation and geopolitical uncertainty. However, higher rates diminish its appeal as the asset does not yield income.

Among other metals, the price of silver, which is used in electronic components, rose by 0.1% to $32.89 per ounce. Platinum, used in autocatalysts, fell by 0.8% to $980.05, while the price of palladium decreased by 0.1% to $985.75.

'Although the introduction of tariffs may negatively impact demand for silver in industry, it may still rise in terms of value. It can also be assumed that the positive correlation with its more famous cousin among precious metals will remain unchanged,' said Han Tan, chief market analyst at Exinity Group.