Trade turmoil, geopolitical uncertainty, could boost gold further.

The REL Investments Group reported that gold bullion prices rose by more than US$20 per ounce, reaching US$2,753 per ounce, by setting a historical mark for the yellow metal.

“This is not only a new historical record, but also a nominal maximum adjusted for inflation, surpassing a 45-year-old benchmark,” said Alex Polyakov, Head of the Global Investment Department at REL Investments Group.

On an inflation-adjusted basis, the previous high was US$2,742 per ounce, which was reached in January 1980.

At that time, inflation was at double-digit levels, and a recession was beginning.

“Looking into the future, we remain optimistic about gold’s trajectory,” Polyakov said.

“Increasing geopolitical uncertainty, growing protectionism, rising government debt and  create the ideal conditions in which the gold typically thrives,” it said.