Gold is taking on a record level with the increasing demand for safe ports

Gold has risen to a new record of more than $ 3,200 per gram, with the fear of the impact of customs duties on the global economy, strengthening the demand for safe ports. The precious metal achieved 1.4% in the early Asian transactions on Friday to reach $ 3219.48 per gram, exceeding the previous record recorded in the last session, when it ended by more than 3% for the second day in a row. This rise has come amid an unrest in the market due to US President Donald Trump’s volatile messages on the customs scheme, which caused widespread sales of stocks, bonds and US dollars in light of the fear of the global recession. The uncertainty remained, even after Trump’s decision to freeze mutual customs duties for a period of 90 days, as all imports from China are subject to fees of no less than 145%. “Gold is the best place to invest in the market now. Unprecedented commercial tensions have deepened the loss of trust in US dollars, increasing demand for other safe assets,” says Liu Yoshwan, a researcher in the Gotai Junin Futures precious metal field. Doubts about the speed of commercial agreements, questioning Washington’s ability to complete commercial negotiations in a timely manner, despite the statement of the Director of the Economic Council in the White House, Kevin Haysit, the negotiations “very advanced” with economic partners. Gold also benefited from the purchases carried out by the global central banks, and from the growing expectations to facilitate monetary policy by the Federal Reserve. The data Thursday showed that the basic inflation in the United States was generally delayed in March, which asked customers to price three possible discounts in interest rates during the rest of the year, with the possibility of a fourth reduction. Low interest rates are a supporting factor for gold because it does not benefit. Immediate gold rose 1.1% to $ 3,212.41 per gram at 09:51 in Singapore, on the way to achieving weekly profits of about 6%. The Bloomberg index of the dollar fell for the fourth consecutive day. On the other hand, silver prices dropped, while platinum and baladium rose slightly.