Gold prices were trading just short of the all-time high they hit earlier this week, with a combination of trade and geopolitical tensions and buying sprees by central banks boosting demand for the yellow metal.
Futures contracts climbed 0.5% to $2,892 per Troy ounce in early trading. That’s less than 0.5% below the record level of $2,906 that bullion had traded at on Wednesday.
President Donald Trump’s tariffs and the ongoing conflicts in Ukraine and the Middle East are among the sources of uncertainty for investors that have driven gold’s gains. Central banks have also been snapping up the precious metal as a shield against sticky inflation and a way to diversify away from the U.S. dollar.
