LONDON, March 13. /TASS/. The price of gold, which has risen above $2,950 per troy ounce on the Comex exchange (a division of the New York Mercantile Exchange), may jump to an unprecedented $3,500 an ounce during the third quarter, the British Daily Telegraph newspaper wrote citing analysts at the Australian Macquarie Group.
Gold is predicted to soar to record highs later this year "amid the turmoil caused by (US President - TASS) Donald Trump’s tariff war," the paper said, adding that investors take flight to safe-haven assets in such a situation. Macquarie said the price of gold could average $3,150 an ounce between July and September, according to the publication.
"We view gold’s price strength to date, and our expectation for it to continue, as primarily being driven by investors’ and official institutions’ greater willingness to pay for its lack of credit or counterparty risk," Macquarie analysts said.
On March 4, the US administration imposed customs tariffs in the amount of 25% on almost all imports from Canada and Mexico, as well as raised tariffs on goods from China from 10% to 20%.
Moreover, Trump has announced an intention to impose reciprocal tariffs on imported goods starting April 2, adding that the EU, Brazil, India, Canada, China and Mexico charge far higher tariffs on the US on average, than the US’ tariffs on their goods are.