BENGALURU- Gold prices scaled a record peak above the crucial $3,000-mark on Tuesday for the second time within a week, as investors sought cover from economic concerns fueled by US President Donald Trump’s tariff policies.
Spot gold was up 0.4 percent at $3,012.74 an ounce after hitting a record high of $3,014.83 per ounce earlier in the session.
Gold rose above the $3,000/oz milestone for the first time on Friday.
US gold futures rose 0.5 percent to $3,021.70.
“Gold is moving higher on account of a weaker dollar and continued tariff uncertainties … With Gold at record highs there is a lot of technical and chart based buying that kicks in since there is no resistance apparent on the charts,” said Marex analyst Edward Meir.
The US dollar index wallowed near a five-month trough, making gold cheaper for overseas buyers.
Historically considered a hedge against geopolitical instability, gold has risen more than 14 percent so far this year. Since Trump took office in January, gold has hit a record high 14 times as trade tensions have boosted safe-haven demand.
