Gold prices stayed very high because President Trump made new rules about trading with other countries. The price of gold reached US$2,930 for a small piece, and people kept buying it for seven weeks straight. This hasn't happened since August 2020.
President Trump signed a paper on Thursday telling his helpers to look at each country and decide how much extra money they should pay to sell things to America. He hasn't made them pay yet, which might mean he wants to talk with these countries first. He already makes Chinese companies pay more money to sell their things in America, and next month he plans to charge more for steel and aluminum from all countries.
On Tuesday, gold hit its highest price ever, at US$2,942.68. People like to buy gold when they feel worried about what might happen with money and trade between countries. Big banks think gold will cost even more soon. One bank, Citigroup, believes gold will cost US$3,000 in just three months.
Many countries, especially China, have started buying more gold. People have also put more money into special gold savings accounts. All this buying has helped make gold worth 12 percent more this year. Early one morning in Singapore, gold cost US$2,930.93, which was 2.4 percent more than the week before.
President Trump signed a paper on Thursday telling his helpers to look at each country and decide how much extra money they should pay to sell things to America. He hasn't made them pay yet, which might mean he wants to talk with these countries first. He already makes Chinese companies pay more money to sell their things in America, and next month he plans to charge more for steel and aluminum from all countries.
On Tuesday, gold hit its highest price ever, at US$2,942.68. People like to buy gold when they feel worried about what might happen with money and trade between countries. Big banks think gold will cost even more soon. One bank, Citigroup, believes gold will cost US$3,000 in just three months.
Many countries, especially China, have started buying more gold. People have also put more money into special gold savings accounts. All this buying has helped make gold worth 12 percent more this year. Early one morning in Singapore, gold cost US$2,930.93, which was 2.4 percent more than the week before.
