Historic rise in gold due to Trump's tariff threats.
The price of gold rose above $3000 an ounce for the first time, influenced by the uncertainty caused by the trade war ignited by U.S. President Donald Trump.
The price of an ounce in the London market reached $3000.85 (approximately €2756) on Friday morning, setting a new record after surpassing its previous peak recorded in February.
Gold is considered a safe haven in times of crisis. Concerns have escalated after Trump's threat to impose tariffs of up to 200% on French wine, champagne, and European alcoholic beverages, in response to the European Union's 50% tariffs on American whiskey. These European tariffs were, in turn, a response to the tariffs imposed by Trump on steel and aluminum, which took effect on Wednesday.
Trump's strategy relies on using tariffs or the threat of them to pressure trading partners and extract concessions. As concerns about potential trade barriers and their negative impact on the U.S. economy grow, financial markets have experienced a continuous decline.