The trading price of gold just broke the $3000 an ounce barrier

The trading price of gold just broke the $3000 an ounce barrier. Only for 20 minutes, but still, it happened!

Gold started the month at $2868.25, has averaged $2915 and been subject to $30 daily swings. That all started to swing upwards from yesterday peaking this morning around 10.30am.

Gold has jumped the last couple of days on the back of US President Trump's harsh tariff talk. Recession fears are still a concern, even with February's inflation numbers, arriving gift wrapped at 2.8 per cent, dropping below economist predictions and continuing a steady retreat from January's 3.0%.

Gold’s price (XAU/USD) has hit a new all-time high at $3,004 earlier, before falling back below $3,000, still registering a weekly gain of over 2.5% for now at the time of writing on Friday. The additional inflow and demand for Bullion came after United States President Donald Trump fired back at European counter-tariffs, saying he would slap 200% tariffs on wine and champagne from the region. Claiming that this would be great for US 'Champagne' along the way. However there is only one place in the world that produces Champagne Mr. President and it's not in the US.

President Donald Trump’s aggressive tariff agenda fanned concerns about the potential hit to growth, hurting demand for risk assets and aiding flows into bullion-backed funds, Bloomberg reports.

This $3000 mark could lead to some short term profit taking and the market could enter uncharted territory above $3,000. With BNP Paribas commenting that $3,200 would be the target price for Gold for the second quarter.