Gold prices rise as demand for safe havens increases

Gold bars

Gold prices advanced today, March 4, as demand for safe havens strengthened amid growing concerns about a potential global trade war after China and Canada responded with retaliatory measures to the trade policies pursued by the US.

April gold futures gained 0.25%, or $7.30, to $2,908.40 an ounce at 10:32 am Makkah time, with spot prices also up 0.16% to $2,897.4 apiece.

Meanwhile, May silver futures held steady at $32.31 per ounce, as platinum spot prices also remained flat at $957.48 an ounce.

This came as the US dollar index, which gauges the greenback’s strength against a basket of six major currencies, fell slightly by 0.14% to 106.59 points.

JPMorgan said it still maintains a bullish long-term view on bullion, with a target price of around $3,000 an ounce in the fourth quarter of this year.

Last month, Goldman Sachs predicted that rising political uncertainty, including concerns over tariffs, could push the yellow metal to $3,000 an ounce by year-end.