Gold Rises to Record as Trade Tension Escalates
The precious metal has climbed more than 20% this year as an escalating trade war creates anxieties over the prospect of a global recession.
Leading banks remain optimistic about gold’s prospects over the coming quarters as investors add to holdings in gold-backed exchange-traded funds and central banks continue to accumulate the metal. Goldman Sachs Group Inc has forecast that prices will rally to US$4,000 an ounce by mid-2026.
Gold rose 0.4% to US$3,243.28 an ounce as of 7:50 a.m. Singapore time. The Bloomberg Dollar Spot Index edged lower. Silver and palladium were flat, while platinum edged lower.
