Gold rises to new heights as anxiety grips markets. Here’s what you need to know

NEW YORK (AP) — Amid widespread economic turmoil, the price of gold has soared to levels never seen before.

Gold futures surpassed the $3,000 per troy ounce for the first time this week. The price to buy gold on the spot market in New York is following closely behind.

Interest in buying gold can rise sharply in times of uncertainty, as anxious investors seek safe havens for their money. Gold prices are spiking higher now as U.S. President Donald Trump’s tariff policies have kicked off an international trade war that has roiled financial markets and threatened to reignite inflation for families and businesses alike.

If trends continue, analysts say gold’s price could continue to climb in the months ahead. But precious metals are also volatile assets — and so the future is never promised.

Here’s what to know.

What’s the price of gold today?

The going price for New York spot gold closed Thursday at record $2,988 per troy ounce — the standard for measuring precious metals, which is equivalent to 31 grams — per FactSet. That’s over $825 higher than gold’s spot price one year ago.

Gold futures surpassed the $3,000 mark Thursday. But as of Friday afternoon, fell to just over $2,994.

The price of spot gold is up nearly 14% since the start of 2025, per FactSet. By contrast, the stock market has tumbled. The benchmark S&P 500 has tumbled more than 5% this year with even blue chip stocks fading. Apple, for instance, just had its worst week in five years.

Why is the price of gold going up?

A lot of it boils down to uncertainty. Interest in buying gold typically spikes when investors become anxious — and there’s been a lot of economic turmoil in recent months.

Today, the heaviest uncertainty lies with Trump’s escalating trade war. The president’s on-again, off-again new levy announcements and retaliatory tariffs from some of the nation’s closest traditional allies have created a sense of whiplash for both businesses and consumers — who economists say will foot the bill through higher prices.

Confidence began to slide at the start of the year for both U.S. households and businesses due to fears of inflation and tariffs. Those worries seem to only be worsening, according to a preliminary survey released Friday by the University of Michigan. Its measure of consumer sentiment sank for a third straight month due mostly to concerns about the future.

“We still view gold’s price patterns as tied to tariffs,” analysts at RBC Capital Markets wrote in a Thursday research note — adding that, while inflation has recently cooled sometariffs threaten to send prices higher. “General uncertainty and chaos are also very supportive factors of gold.”