DIGIVESTASI - Gold prices recorded a significant increase on Wednesday, reaching their highest level in nearly three months and trading just below the all-time highest price record. This increase was driven by the weakening US dollar and uncertainty surrounding US President Donald Trump's policies, which raised concerns about the potential for a trade war and increased market volatility.

According to CNBC, spot gold prices rose 0.4% to USD 2,755.58 per ounce at 14:28 ET. This marked the highest price since October 31, when gold hit a record price of USD 2,790.15 per ounce. Meanwhile, US gold futures also rose 0.3% to USD 2,768 per ounce.

The weakening of the US dollar benefited gold prices, with the US dollar index dropping to its lowest level in more than three weeks. This made gold, priced in dollars, more affordable for holders of other currencies. "Uncertainty regarding tariffs and other policies makes gold a natural safe haven for investors when the market faces uncertainty. Gold is a natural hedge in times of geopolitical and economic turmoil," said Ryan McIntyre, Senior Portfolio Manager at Sprott Asset Management.

Trump revealed that his administration is considering imposing a 10% tariff on imports from China starting February 1. Additionally, he hinted at the possibility of tariffs around 25% for Mexico and Canada. This tariff policy sparked concerns about its potential impact on inflation. Generally, gold is considered a safe-haven asset amid economic and geopolitical tensions, but Trump’s tariff policies, which are likely to spur inflation, could prompt the Federal Reserve to keep interest rates high for a longer period to control price pressures.

Investors are still waiting for clarity on Trump’s tariff policy, which has not yet provided further details. This uncertainty has led investors to consider the potential impact of Trump's aggressive policies on global markets. "Trump seems a little less hawkish on tariffs than was previously feared. Lower tariffs or even slightly lower inflation indications would create room for interest rate cuts," explained Tai Wong, an independent metal trader.

With ongoing economic and geopolitical policy uncertainties, gold prices are expected to remain strong, as many investors choose it to protect the value of their assets amid a weaker US dollar and concerns about inflation driven by tariff policies.

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