Gold has hit a two-month high.

Gold prices have reached a more than two-month high, driven by a weakening US dollar and uncertainty regarding President Donald Trump's trade policies. According to Reuters, this has sparked significant buying activity for the precious metal.

The spot price of gold rose by 0.4%, reaching $2,719.52 per ounce — the highest level since November 6, inching closer to the record price of $2,790.15 set in October.

The dollar index fell by 0.6% against major currencies, remaining near a two-week low, which made gold more attractive to investors holding other currencies.

Futures for US gold dropped by 0.6% to $2,732.60, narrowing the gap with spot prices. This occurred after President Trump refrained from imposing tariffs immediately after his inauguration, contrary to market expectations.

Analysts do not rule out that the US may introduce trade tariffs against Canada and Mexico in the near future. Julia Handoshko, CEO of the brokerage firm Mind Money, notes that the instability caused by Trump’s decisions could benefit the market, and gold may reach $3,000 per ounce by mid-year.

Other precious metals showed a decline: spot silver fell by 0.2% to $30.44 per ounce, palladium decreased by 1.4% to $931.39, and platinum lost 0.8%, dropping to $934.95. These metals are widely used by automakers in exhaust systems to reduce emissions.