Gold rises to new heights as anxiety grips markets. Here’s what you need to know
1 week, 2 days ago

Gold rises to new heights as anxiety grips markets. Here’s what you need to know

Associated Press  

NEW YORK — Amid widespread economic turmoil, the price of gold has soared to levels never seen before. The going price for New York spot gold closed Thursday at record $2,988 per troy ounce — the standard for measuring precious metals, which is equivalent to 31 grams — per FactSet. “We still view gold’s price patterns as tied to tariffs,” analysts at RBC Capital Markets wrote in a Thursday research note — adding that, while inflation has recently cooled some, tariffs threaten to send prices higher. “General uncertainty and chaos are also very supportive factors of gold.” Joe Cavatoni, chief market strategist at the World Gold Council, added Friday that he and others have been anticipating gold’s latest milestone for months — noting in an email that the “global challenges and risks that come with managing money today” have heightened concern and caused more and more to turn to the asset as a “safe haven.” Over the last year, analysts have also pointed to strong gold demand from central banks around the world amid geopolitical tension, including wars in Gaza and Ukraine. Precious metals can be highly volatile, the commission said, and prices rise as demand goes up — meaning “when economic anxiety or instability is high, the people who typically profit from precious metals are the sellers.” If you do choose to invest in gold, the commission adds, it’s important to educate yourself on safe trading practices and be cautious of potential scams and counterfeits on the market.

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