Gold hits new record high at settlement

Gold bars

Gold prices finished in the green today, Feb. 24, notching a new record close as investors flocked to safe-haven assets amid escalating global trade woes due to US President Donald Trump’s new policies.

April gold futures climbed by 0.35%, or $10, to a record close of $2,963.20 per ounce, after touching $2,974 in early trading.

This came as the US dollar index, which gauges the greenback’s strength against a basket of six major currencies, settled at 106.57 points at 10:37 pm Makkah time, after falling to 106.13 points earlier in the session.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings rose to 904.38 tons on Friday, the highest since August 2023, Reuters reported.

"Investors believe that in the coming weeks and months or longer than that gold prices are going to continue to appreciate," Jim Wyckoff, a senior market analyst at Kitco Metals, said in a note.