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Gold prices have reached a new intraday record of $3,047 per ounce, continuing its remarkable rally with multiple record-breaking moments this year. Joe Cavatoni, senior market strategist at the World Gold Council, has shared his expert perspective on this price movement.
According to Cavatoni, several factors are driving gold’s strength, including rising food and gas prices that have contributed to higher metals prices overall. He also noted that Trump’s tariff policies could spark a global trade slowdown, further impacting markets.
This gold price milestone comes amid widespread economic uncertainties, including persistent inflation concerns, escalating geopolitical tensions, and anticipated shifts in central bank monetary policies worldwide. These combined factors have reinforced gold’s traditional role as a safe-haven asset during turbulent times.
