Gold resumed its ascent toward a record as the US dollar and Treasury yields fell, with traders assessing America’s push to end the war in Ukraine and President Donald Trump’s disruptive moves on trade.
Bullion topped $2,922 an ounce, nearing the peak above $2,942 set earlier this week. Trump agreed in a phone call with Russian President Vladimir Putin to start negotiating an end to the war in Ukraine, buoying the euro. Bullion’s latest move higher followed a small gain Wednesday even as data showed a higher-than-expected rise in US inflation that blunted the case for rate cuts.
Gold has roared higher this year, setting successive records and potentially lining up a test of $3,000 an ounce. The surge has been powered by haven demand, with traders trying to gauge the impact of the new US administration’s stances on tariffs and geopolitics.
Central banks, including China’s, have added to holdings, while bullion-backed exchange-traded funds also expanded.
Spot gold rose 0.5% to $2,917.44 an ounce at 9:49 a.m. in London, taking gains this year to 11%. The Bloomberg Dollar Spot Index edged 0.2% lower. Silver was steady, while palladium and platinum rose.
