Surge in Gold Prices

Gold prices have recently surged to over $2,900 per ounce, driven by multiple factors including geopolitical instability and inflation concerns. Following the announcement of tariffs by President Trump on steel and aluminum imports, gold has been perceived as a solid hedge against economic uncertainty. Central bank buying has emerged as a significant influence, with a notable increase from an average of 500 tons per year to approximately 1,000 tons since the onset of the Ukraine crisis. This consistent demand from central banks highlights gold's role as a stable investment amid global market fluctuations.