Gold prices hit $3,000 for the first time as investors push the panic button
CNN
Gold prices reached $3,000 an ounce for the first time in history Friday, boosted by demand for safe-haven assets as investors fret about President Donald Trump’s tariffs and geopolitics.
Gold prices reached $3,000 an ounce for the first time in history Friday, boosted by demand for safe-haven assets as investors fret about President Donald Trump’s tariffs and geopolitics. Prices hit a record $3,005 before paring those gains a bit to just under $3,000. Jason Hollands, managing director at Evelyn Partners, a UK wealth manager, described the yellow metal as “the panic asset of choice” and said the latest rise in prices reflected “the extreme uncertainty facing the global trade system at the moment from the Trump administration’s erratic and aggressive approach to tariffs and corresponding retaliatory measures.” The surging price of gold is among several signs that investors are concerned about America’s economic outlook, former Treasury Secretary Larry Summers told CNN on Friday. “It’s a sign of the amount of uncertainty that’s being created that amidst everything else, the asset that’s done well is gold,” Summers told CNN’s Pamela Brown and Wolf Blitzer. “That’s what people do when they don’t have confidence in the people who are managing the country.” On Wednesday, 25% tariffs on all steel and aluminum imported into the United States became the latest Trump 2.0 duties to come into force, triggering swift countermeasures from Canada and the European Union.
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