The price of gold reached a new record high on Thursday, supported by uncertainty over US President Donald Trump's economic policies and dollar weakness after a disappointing US growth report.
Around 6 p.m. GMT, gold futures were trading at $2,844 an ounce, after hitting a record $2,853 earlier in the session.
The spot gold price was trading at $2,796 after hitting its own high of $2,799.65 on Thursday.
The previous peak was largely due to geopolitical unrest in the Middle East and Ukraine, while the latest spike was more to do with inflationary concerns over Trump's policies, according to Susanna Streeter, head of money and markets at Hargreaves Lansdown.
"Gold shines as a haven asset, with investors seeking shelter to weather the storm of unpredictability," she said.
"As U.S. President Donald Trump still hangs the threat of tariffs over near neighbors and distant foes, there are fears they could drive up U.S. consumer prices, increase inflation and cause interest rates to stay higher for longer."
She added that this week's "stock market volatility, triggered by advances by Chinese artificial intelligence competitor DeepSeek, may also have contributed to gold's meteoric rise."
Gold was also supported when the US economic growth report came in a little weaker than expected, ending the dollar's recent rally.
Last year, gold benefited as central banks began cutting interest rates. Record gold prices led to a significant increase in recycling of the precious metal. | BGNES
