Analysis: Gold prices hit a historic high due to trade and geopolitical turmoil

According to a report by Golden Finance, gold prices hit a historic high on Monday as concerns over the escalation of the global trade war and the uncertain geopolitical outlook increased the attractiveness of gold as a safe haven asset and inflation hedge tool. Gold futures prices rose 1.3% in early trading to $3154.40 per ounce. So far this year, gold has risen by over 19% and its upward trend is expected to continue. Analysts from the Economic and Market Research Department of ANZ Bank said, "Strong investment inflows, resilient physical demand, and increased central bank purchases will keep gold strong." Traders are currently waiting for the scope of equivalent tariffs that US President Trump is about to impose on major trading partners, which could increase inflationary pressures and potentially slow down global economic growth.