For the first time in history, the price of gold has surpassed the ,000 per troy ounce mark, driven by ongoing tensions in global trade and speculation that the U.S. Federal Reserve may soon lower interest rates. The spot price of gold increased by 0.4%, reaching ,000.87 per troy ounce as of 12:15 p.m. Bulgarian time, while U.S. gold futures rose by 0.7%, hitting ,013.60 per troy ounce.

Gold has already achieved 13 price records in 2024 alone, with expectations that it will close the second consecutive week with gains. Analysts attribute the surge in gold prices to a mix of geopolitical and economic uncertainties, as well as expectations of a potential interest rate cut by the Federal Reserve. "The precious metal continues to benefit from a range of factors, including global unrest and anticipation of monetary easing," noted Han Tan, chief market analyst at Exinity Group.

The ongoing trade war, particularly U.S. President Donald Trump's decision to impose a hefty 200% tariff on European alcohol imports, has further heightened financial market tensions. These developments have contributed to fears of an impending recession, prompting investors to seek refuge in gold, a traditional safe-haven asset. Additionally, the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, has reported holdings nearing its all-time high at 905.81 metric tons.

Looking ahead, analysts predict that the price of gold will continue to climb in the near future. Experts from ANZ forecast that gold will reach ,300 per troy ounce in 2025, while J.P. Morgan has a more bullish outlook, suggesting that gold could hit ,000 per troy ounce by the end of the decade. Max Baklayan, CEO of Tavex, remarked, ?Our ,000 forecast now seems increasingly conservative considering ongoing geopolitical tensions and remarks from the new U.S. Treasury Secretary, Scott Besant.?

Silver also saw a rise, with its price increasing by 0.4% to .94 per troy ounce, while palladium gained 0.3% to 0.71 per troy ounce. In contrast, platinum was the only precious metal to experience a decline, falling by 0.5% to 9.04 per troy ounce. Gold's remarkable rise underscores the growing volatility in global markets and the increasing demand for secure investments amid uncertain times.