At 09:40 AM in Lisbon, gold was trading at ,036.60, having risen 0.72% and surpassing ,075, compared to ,054 on Wednesday.
The price of gold has increased by over 17% so far this year, as the price per ounce was ,624 at the end of last year.
Investors are once again seeking refuge in gold after U.S. President Donald Trump announced on Wednesday a new 25% tariff on all cars and components exported to the U.S. starting April 2.
As highlighted in a report by Ned Naylor-Leyland, the gold and silver investment manager at Jupiter AM, the recent upward movements in gold prices are linked to its traditional role as a safe-haven asset.
The price of gold is rising due to concerns about economic growth, Trump’s trade policies, expectations of interest rate cuts, and central banks’ demand for the precious metal, he stated.
The Jupiter AM manager also noted that central banks, particularly in China, have increased their gold purchases in recent years and highlighted that purchases of the precious metal are expected to increase in the coming years.
