Economy

Safe-haven gold clears $3,000 for the first time

Reuters By Sarah Qureshi, Ashitha Shivaprasad and Rahul Paswan,

Credit: Michael Sutton

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Gold

Gold pierced through the psychological milestone of $3,000 an ounce on Friday for the first time, building on an historic rally as trade tensions and U.S. rate cut bets supercharge its appeal as a safe haven asset.

Spot gold was up 0.4% at $3,000.87 an ounce at 1015 GMT. 

U.S. gold futures were up 0.7% to $3,013.60.

Bullion has scaled 13 all-time highs so far this year and is on track for a second straight week of gains.

"The precious metal still has an abundance of reasons to pursue higher prices, including geopolitical and economic concerns, along with the prospects of Fed rate cuts," said Han Tan, Exinity Group's chief market analyst.