Gold touches an unprecedented summit and an ounce exceeding $ 3074

Gold prices have risen to an unprecedented level today, as fears of the growth of the trade war were growing against the backdrop of US President Donald Trump’s new plans on customs duties, prompting investors to resort to a safe haven in the precious metal.

The price of gold in instant transactions increased 0.6 percent to $ 3074.31 an ounce by 04:00 GMT, after touching its highest level ever at $ 3077.44 earlier in the session.

Gold has risen 1.7 percent since the beginning of this week, and is heading to gains for the fourth week in a row.

US gold futures rose 0.8 percent to $ 3084.70.

“Gold is currently in a good position … commercial and financial policies in the United States, geopolitical conditions and slowdown … everything is in the interest of gold,” said Kyle Roda, a financial market analyst at Capital.com.

He added that the prices may be on a date with reaching the level of $ 3100 an ounce.

Gold exceeded the need for three thousand dollars for ounce in recent times by supporting the fog that surrounds the customs duties status and the possibility of reducing interest rates, geopolitical conflicts and central bank purchases.

For other precious metals, silver in instant transactions decreased 0.4 percent to $ 34.27 an ounce, platinum fell 0.2 percent to 984.59 dollars, and palladium rose 0.1 percent to 976.25 dollars.