Price of gold is being Trumped up to new highs

Trade war tensions contributing to bullion appeal

- BY SEAN MURPHY

WITH Donald Trump's tariffs looming, the price of gold is soaring to record highs a century after the controversial US president's grandfather struck it rich in a famous gold rush.

The Trump administration is expected to announce more tariffs tomorrow and these could affect Ireland with around 80,000 jobs at risk, according to warnings from the Government.

A universal effect of Trump's tariffs is the global rise in gold prices.

The ups and downs of gold's fortunes, usually at times of a stormy financial climate, always fascinates the markets.

Gold yesterday hit a record high, setting a price-up 1.1% to $3,116.82 an ounce - that has not been seen in over 38 years, so what is boosting the bullion?

In part, it is because of concerns that Trump's tariff plans and a consequent global trade war have triggered an economic slowdown.

Anticipated interest rate cuts and trading on the markets have prompted multiple banks to increase their 2025 price forecasts for gold.