Gold surpasses $3,000 for first time amid global trade tensions

Gold prices surpassed $3,000 per ounce for the first time on Friday as global trade tensions and stock market volatility increased demand for the safe-haven asset.

The surge followed concerns over US President Donald Trump’s trade wars and market uncertainty.

Stock markets rebounded as US lawmakers moved closer to avoiding a government shutdown.

Senate Democratic leader Chuck Schumer indicated support for a Republican spending bill, which would keep the government operational through September.

The move helped ease investor concerns, pushing Wall Street higher after recent losses.

Meanwhile, European stocks gained momentum, with Germany nearing approval of a massive defence and infrastructure spending package.

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London's FTSE 100 also rose as the pound weakened against the US dollar following a surprise contraction in the UK economy.

Gold initially climbed to $3,004 per ounce before settling just below the milestone. Analysts attributed the rally to trade war fears and market instability.

Trump recently threatened new 200% tariffs on European alcoholic beverages, escalating tensions with the EU.

In corporate news, shares in luxury giant Kering plunged 11%, while BMW warned of $1 billion in trade-related losses.