Gold hits record $4,843 amid global political & economic uncertainty

ISLAMABAD: The price of gold has set a new record due to increasing political uncertainty and economic concerns globally.

On Wednesday, the price of gold per ounce in the global market exceeded $ 4,800, which is the highest level ever. Increasing demand for safe-haven investments (safe haven) and the weakness of the US dollar pushed gold prices up.

The price of spot gold rose 1.2 percent to $ 4,821 per ounce, while it also touched a record level of $ 4,843 during trading. Similarly, US gold futures for delivery in February were trading at $ 4,813 per ounce after a 1 percent increase.

According to experts, US President Donald Trump’s possible tariffs on European countries, tough statements about control over Greenland and criticism of NATO allies have dealt a serious blow to investor confidence. Trump recently said there was “no way back” on the Greenland issue and did not rule out the possibility of using force, which caused anxiety in global markets.

Later, Trump softened his tone, saying that a solution would be found together with NATO that would please all parties, but European leaders reacted strongly. French President Emmanuel Macron made it clear that Europe would not bow to pressure or threats.

Market analysts said investors were moving out of the US dollar and long-term bonds and investing in gold. The dollar was near three-week lows against the euro and Swiss franc, while Asian stock markets fell for a third straight day.