Gold prices have reached a record $3,004.86 per ounce, driven by a 14% increase since the start of 2025.

Economic uncertainty from the ongoing US trade war and fears of inflation due to tariffs have made gold a sought-after safe asset.

Tariffs, like the US’s threats on EU alcohol and Chinese imports, are raising costs for businesses and consumers, further fueling demand for gold.

Central banks are also stockpiling gold to diversify away from US dollars, the BBC has reported.

Experts highlight ongoing geopolitical tensions and tariffs as key drivers behind gold’s surge.

Written by B.C. Begley