Gold Prices Near Three Thousand Dollars

Gold prices remained close to three thousand dollars per ounce on Wednesday, amid increased purchases by central banks and investor concerns about global economic growth following announcements of new U.S. tariffs.

On the physical market, an ounce of gold was priced at $2,943 around noon, up 0.3 percent from yesterday’s market close. It briefly reached a new high since gold has been traded on the exchange, at $2,946, marking the ninth time this year. In the U.S. market, gold was traded in futures contracts at a price 0.4 percent higher, at $2,961.

According to calculations by the World Gold Council (WGC), gold prices rose by more than 28 percent last year due to strong demand from central banks and investors during a period of heightened geopolitical tensions. Central banks continued to build reserves in 2024, increasing their purchasing pace in October, and this trend is expected to continue into 2025, the WGC estimated in mid-December.

Investment demand was driven by geopolitical risks and sharp fluctuations in numerous regional financial markets, they explained, adding that investors resumed purchases in the third quarter as central banks began to lower key interest rates.

At the beginning of this year, statements by U.S. President Donald Trump regarding tariffs caused nervousness. On Tuesday, Trump stated that he intends to impose tariffs on automobiles of about 25 percent, and similar tariff rates are being prepared for the import of semiconductors and pharmaceutical products. Traders fear that tariffs could signal the onset of a trade war and harm the global economy.

– “It seems that the rise in gold prices was prompted by President Trump’s statements about the imminent introduction of tariffs on imports of cars and medicines, which could pave the way for its ascent towards three thousand dollars,” said market analyst Zaid Wanda at OANDA.

Since returning to the White House, Trump has already imposed a 10 percent tariff on imports from China and a 25 percent tariff on imports of steel and aluminum from countries around the world.

– “I believe that central banks will continue to buy gold in the foreseeable future and diversify their reserves by acquiring gold, supporting the growth of its price,” said UBS analyst Giovanni Staunovo.

Silver prices, which are used in electrical components, also rose by 0.4 percent to $32.99 per ounce. Platinum, used in autocatalysts, decreased by 0.6 percent to $981.56, while the price of palladium remained more or less stagnant at $987.75.