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Gold at all-time highs: surpassed $3,148 an ounce

Duty war pushes investors towards the precious metal: record inflows into ETF funds

Gold continues its unstoppable run, reaching an all-time high of $3,148.88 an ounce today. The 19% growth since the beginning of the year – with the best quarterly performance since 1986 – reflects the climate of uncertainty fuelled by trade tensions linked to the duties imposed by the Trump administration.

According to the Financial Times, investors’ flight from traditional safe haven assets, such as US Treasuries and cash, is among the most intense on record. The announcement of new tariffs by the president, expected tomorrow and dubbed by Trump as ‘liberation day’, has strengthened the rush to gold.

Krishan Gopaul, senior analyst at the World Gold Council, points out that the current market scenario is characterised by a pronounced ‘risk-off sentiment’, with more than $19.2 billion flowing into gold-backed ETFs in the first quarter of the year alone, an all-time high.

At the same time, concerns over tariffs led to an increase in physical gold bullion stocks in New York, driving inventories on the Comex to unprecedented levels. While gold continued its surge, defensive stocks on Wall Street – such as UnitedHealth and HCA Healthcare – rose more than 10 per cent over the past month, while the S&P 500 index lost almost 6 per cent.

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