Gold prices hit an all-time historic high on Friday, surpassing the $3000 per ounce mark, driven by increasing global demand for safe-haven assets amid tariff wars between the United States and Europe, as well as concerns over a slowdown in the global economy. A brief statement issued by the Kuwaiti company (Dar Al Sabaek) noted that trading activity yesterday and today saw the precious metal's price rise above $3000 per ounce for the first time in its history, as investors remain fearful and cautious about the state of the global economy. This comes after the United States imposed tariffs on steel and aluminum imports from the European Union, prompting the latter to retaliate by imposing harsh tariffs on some American products.

The statement cited Bloomberg News Agency, reporting that gold prices have risen by 12% since the beginning of 2025 due to the uncertainty in global markets, the trade policies of U.S. President Donald Trump, and the potential for rising inflation in the United States due to the expected deterioration of the U.S. budget.

The statement highlighted that investors and financial institutions worldwide are unwilling to bear the risks of stock market volatility and the ongoing trade wars between the United States and the European Union, providing additional support for the yellow metal's prices. It also pointed out that there is an opportunity for gold-backed exchange-traded funds to increase their holdings of bullion in the coming period.

The statement added that Macquarie Group, an Australian financial services and investment specialist, expects gold to continue its upward trend in the coming months, with prices likely to reach $3500 per ounce by the third quarter of 2025, averaging $3150 per ounce during that period.