ISTANBUL, April 22 – The price of gold hit a new record on Monday, with an ounce reaching $3,405.19 as the uncertainty around the global trade causes the “safe haven” asset to soar, Anadolu agency reported.
After hitting an all-time high, the price of gold currently stands at around $3,404.40 as of 1200GMT.
The ounce of gold rose more than 2.3% on Monday to set a new record after investors’ worries increased over further escalation of the trade conflict between the world’s two biggest economies.
The central banks’ inclination to cut interest rates also fueled the climb in gold, as the European Central Bank cut the rates by 25 basis points last week.
The surge in gold price intensified after US President Donald Trump announced his “reciprocal” tariffs on more than 180 countries on April 2.
