Gold records its highest level ever with twice the dollar

Gold prices have reached the highest level ever, today, after increasing the weakness of the dollar, the escalation of trade tension and the fears of global economic growth demand for the precious metal, which is a safe haven.

The price of gold in instant transactions increased by 1.3 percent to $ 3270.12 an ounce at 03:19 GMT.

It had reached its peak at $ 3275.20 an ounce earlier in the session.

US gold futures rose 1.4 percent to $ 3286.30.

Tim Water, a chief market analyst at K.CM, said.

The dollar index fell 0.4 percent against its competitors, which increased the attractiveness of gold for other currencies.

In light of the escalation of trade tension between the United States and China, Envenia announced on Tuesday that it would bear the costs of $ 5.5 billion after the US government has limited its SIM exports to artificial intelligence (H20) to China.

In addition, China has ordered its airlines not to receive any additional shipments of Boeing aircraft in response to the United States’s imposition of 145 percent customs duties on Chinese goods.

“Gold will remain strong in light of the uncertainty,” said Brian Lan, the administrative director of Gold Silver Central Trading in Singapore.

Gold is traditionally seen as a safe haven to invest in times of geopolitical and economic uncertainty, and recorded multiple high levels of this year, during which he jumped by more than 24 percent.

Investors are now awaiting US retail sales data, which are scheduled to be released later today, which deal with visions of the economy and the monetary policy path of the Federal Reserve (US Central Bank).

Dealers are currently expecting the council to reduce interest rates approximately 87 basis points by the end of 2025.

In terms of other precious metals, the price of silver in instant transactions increased 0.1 percent to $ 32.32 an ounce, the platinum price fell 0.3 percent to 956.64 dollars and the price of palladium stabilized at $ 971.10.