Precious metal gold bars are stacked in a factory setting, highlighting the importance of gold in global trade and finance.
Gold has hit an all-time high of $3,350 per troy ounce, rising over 25% since January as global investors shift from the weakening US dollar into the traditional safe haven. The dollar’s decline—over 8% this year, per the ICE US Dollar Index—follows President Trump’s sweeping universal tariffs, which have rattled markets and eroded confidence in dollar-denominated assets. “Confidence in the US dollar is definitely a major contributor driving gold prices,” says Oliver Blagden, metals analyst at CRU Group. The surge brings renewed optimism for Africa’s gold-exporting nations, which could see stronger revenues and improved economic prospects amid the global realignment.