Gold price breaks its record high again amid global uncertainty

The global economic uncertainty in the midst of the escalating tariff war initiated by Donald Trump and geopolitical tensions has led the price of gold to a new high, breaking the $3,000 barrier again.

The precious metal, considered a safe haven for investors in troubled times, reached $3,045.24 per ounce during Wednesday´s trading, breaking the all-time record reached last Friday.

Central banks warn of "great uncertainty" about business activity

Adding to the uncertainty in international markets amid a full-blown trade war between the U.S. and the rest of the world are growing geopolitical tensions in the Middle East following the end of the ceasefire, as well as the ongoing war in Ukraine. Meanwhile, doubts remain over the Federal Reserve’s final decision on interest rates.

All this has caused a perfect storm that has led investors to opt for prudence and turn to a safe asset such as gold, boosting its value. Also contributing to this situation has been the decision of the Bank of Japan to maintain rates with a warning about the "great uncertainty" about commercial activity.

A situation showing no signs of change

A situation that shows no signs of changing in the short term. In fact, the signs point to quite the opposite. U.S. gold futures rose 0.2% on Tuesday, reaching $3,046.40.

Matt Simpson, senior analyst at City Index, indicated to Reuters that "on their current trajectory, gold futures could mark $3,200 in just over a month. Even if we have one or two shocks along the way, I suspect the bulls are on the lookout for a discount, however small."