Gold surges above US$4,300 amid global uncertainty

As economic uncertainty deepens, the rush for gold continues – with prices for the precious metal topping US$4,300 for the first time last week.

The going price for New York spot closed at a record US$4,326 per troy ounce on Thursday. Futures also traded as high at more than US$4,344 per troy ounce Thursday, before falling below the US$4,300 mark Friday morning.

Still, gold is up 6.7 per cent over the last week, marking one of its best weeks to date.

Gold sales can rise sharply when anxious investors seek a “safe haven” for their money. For the United States, the latest gains arrive amid the now weekslong government shutdown and ongoing trade wars abroad – with US President Donald Trump most recently threatening to place much higher tariffs on China, before appearing to walk back those potential new levies as unsustainable.

Still, Trump’s barrage of other import taxes has already strained economies worldwide. Meanwhile, the prospect of lower interest rates is also making gold a more attractive investment.