Gold prices have hit record levels above $5,100 per ounce asa investors rush to find a safe haven for their money in the face of international political and economic tension. Silver and platinum also reached all-time highs.
One of the main drivers is central banks who are diversifying their foreign exchange investments and reducing their reliance on the US dollar. Market analysts say that the Trump administration’s tariff policies are playing a significant role. In recent days the US President said he would levy 100% tariffs on Canada if it agrees a trade deal with China.
There is also pressure on the Federal Reserve, the US central bank, to cut interest rates, a move likely to increase the attraction of gold and precious metals.
Historically gold prices have surged in times of economic crisis, such as during the oil shock in the early 1980s and the 2008 crash. However the recent surge in the gold price is unprecedented, with the price up by more than 90% in little more than a year.
Clive Myrie presents BBC News at Ten reporting by business editor Simon Jack.
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