The precious metal gold has increased by more than 20% this year, reaching a record high. Markets reacted to the decision of U.S. President Donald Trump, causing the price to rise. According to Bloomberg, on Monday, April 14, the price of gold surged to a new historical maximum of $3,245 per ounce, breaking the previous record set on April 11.
This is reported by Finway
Over the past week, the metal gained more than 6% in value, a result of the ongoing decline in the dollar’s exchange rate. The weakening of the American currency makes gold cheaper for foreign investors, as its price is based on currency quotations.
Gold has risen in price by more than 20% over the year, as investors increasingly choose it as a safe asset. The volatility of Trump’s trade policy has caused sharp fluctuations in the stock, bond, and dollar markets, heightening fears of a global recession. For instance, the sell-off of U.S. government bonds highlights the decreasing attractiveness of American assets.
In Singapore, spot gold remained at $3,236.27 per ounce. Meanwhile, silver decreased in price, while platinum and palladium showed gains.