Gold at an unprecedented level amid customs fees economy

Gold prices continued their gains to reach a record peak – Friday – amid the escalation of commercial war concerns after the latest customs duties imposed by the president
American Donald Trump, while the market is awaiting inflation data that is scheduled to be released later today.

The price of gold in instant transactions increased 0.5% to 3071.96 dollars an ounce by 09:23 GMT.
After touching his highest level ever at $ 3086.21 earlier in the session.

This precious metal is heading to achieve gains for the fourth week in a row.

US gold futures rose 0.7% to $ 3081.20, after having a record peak at $ 3124.4 earlier in the session.

“The gold and will remain an investment originally to be purchased and kept for long periods, given that it is a store of value and a hedge tool from disturbances in other asset categories,” said Oli Hansen, head of the commodity strategy at Saksu Bank.

The market remains backed by strong demand for the assets of this safe haven amid concerns about customs duties and with purchases from central banks, especially in Asia, and the institutions ’interest in the traded indexes supported by gold is renewed.

Anti -customs duties – which are imposed by Trump and are scheduled to enter into force on April 2 – may increase inflation, obstruct economic growth and escalation of commercial conflicts. Gold, which does not generate a return, tends to rise as interest rates decline.

Foggy

In a statement to Al -Jazeera Net, the CEO of Fortis Investment Company, Mustafa Fahmy, reviews the reasons for the rise in gold, according to the following:

• The fog that prints the future of the global and American economy specifically due to Trump’s decisions.
• Gold markets prejudice what will be announced by Trump on April 2.
• Gold markets deal with the state of global slowdown and stagnation that is expected to afflict the American economy.
• The state of displacement of dangerous assets such as digital currencies and others and heading towards investing in gold.
• Investors search for the protection of their savings from inflation that may occur due to the high prices expected in the future.

As for other precious metals:

• Silver stabilizes in instant transactions at $ 34.38 an ounce.
• Platinum fell 0.2% to 983.55 dollars.
• Palladium climb 0.8% to 982.75 dollars.

These three minerals are heading for weekly gains.