The price of gold hit an all-time high today, breaking the $3 110 per ounce threshold. And silver climbed to its highest level in 13 years, according to Trading Economics.
The rise is being fueled by increased investor interest in safe-haven assets amid heightened tensions in global trade.
Tensions heightened after international media reported that Donald Trump is set to announce on Wednesday a plan to increase tariffs on goods from a wide range of countries, adding to volatility in financial markets, IPN reports.
On the Comex exchange, futures for April delivery rose 1% on Monday to $3,118 an ounce. Since the start of the year, gold is up about 18%, marking its biggest quarterly advance since 1986.
In parallel, the price of silver rose 0.6% to $34.855 an ounce, its highest level in 13 years.
According to Goldman Sachs estimates, the price of gold could reach as high as $3300 an ounce by the end of the year if geopolitical and trade tensions continue to deepen.
