NEW ALL-TIME HIGH FOR GOLD PRICES, +20% SINCE THE BEGINNING OF THE YEAR

Overnight, gold reached a new all-time high. A troy ounce (31.1 grams) was traded on Asian markets at $3,167, an increase of 0.5% compared to Wednesday.

Since the beginning of 2025, the price of the yellow metal has risen by almost 20%, while in the last year the progress is close to 40%. Although not as much as it once was, gold continues to be perceived as a safe haven, believed to be capable of protecting the value of investments in particularly turbulent and uncertain phases such as the current one. The fall of the dollar against other currencies amplifies these trends.

The prospect, and then the announcement, of US tariffs has pushed many investors to abandon riskier assets and move to safer products such as gold or government bonds. Gold's rise in recent months has, however, been fueled by constant purchases by central banks. "The main driver behind this exceptional rally in gold is the growing concern over the escalation of trade and geopolitical tensions," commented a trader in the sector.

Since the beginning of the year, money flows towards funds invested in gold have risen by 6%. Beijing's decision to allow insurance companies to invest in precious metals also played a role in gold's favor.

In the end, gold and silver were exempted from US tariffs. This caused a halt in flows towards the US where many operators had accumulated precious metals fearing that purchases would then be subjected to an additional burden.