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Gold hit a new all-time high of $2,946.85 per ounce, marking its ninth record this year, driven by President Trump’s threats to impose 25% tariffs on automobiles, semiconductors, and pharmaceuticals.
Market analysts expect the precious metal to push toward $3,000 as safe-haven demand intensifies. UBS analyst Giovanni Staunovo suggests sustained support from central banks’ ongoing diversification into gold, while market participants await the Federal Reserve’s January meeting minutes for further insight into interest rate policy.
Meanwhile, silver is also showing potential for gains despite possible industrial demand impacts from new tariffs.
