Investors unsettled
Trump’s rush for power also drives up the price of gold
In times of economic uncertainty, investors are increasingly turning to gold, and the rising demand has already driven up the price of the precious metal in recent months. However, Donald Trump's rise to power in the USA, along with other geopolitical events, is also having an impact on the price of gold.
The gold price is on course for a record high before the weekend. A troy ounce (approx. 31.1 grams) cost up to 2785 US dollars on Friday, compared to 2782 dollars (2674 euros) in the morning. This was just a few dollars short of the record high of 2790 dollars set in October.
Trump's trade policy as a price driver
Gold has been on a stronger upward trend since the beginning of the year. The latest driver is also the uncertainty surrounding the geopolitical and trade policy of the new US administration under President Donald Trump. The latter continues to threaten other countries with high tariffs on goods that they export to the US.
Confidence in the financial stability of the USA is waning
"In addition to the geopolitical developments in the Middle East and Ukraine, the policies of the new Trump administration will have a particular impact on the price of gold," explained market expert Andrea Greisel from Fürst Fugger Privatbank just a few days ago. There are concerns that the numerous political decisions regarding the inauguration will continue to drive inflation and government debt in the US. According to Greisel, confidence in the financial stability of the USA is waning and many investors would rather bet on gold than bonds.
The precious metals experts at Commerzbank recently brought in another aspect. In addition to the uncertainty surrounding Trump's initial measures, the announced tariffs on goods from Canada and Mexico are also likely to have a direct impact on the gold price. According to the World Gold Council, Canada is the fourth largest producer of gold from gold mines.
According to experts, there are also gold purchases by central banks. "The strength of the gold price in recent weeks also reflects, among other things, the renewed gold purchases by the Chinese central bank since November," the experts at Dekabank recently stated.
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