The gold market may pose a threat to the financial stability of the eurozone, especially in the context of geopolitical tensions. ECB experts identified risk factors, including high demand for physical gold, the dominance of large traders and insufficient transparency of transactions. Special attention is paid to margin requirements and closing of positions financed by borrowed funds. Such processes can trigger liquidity stress in the market, which can spread shock to the entire financial system. Recently, the price of gold reached a record $3,500 per ounce, which was caused by the imposition of global tariffs by US President Donald Trump. Increased demand in the United States has already led to overcrowding of the Bank of England's vaults at the beginning of the year, as well as an increase in Switzerland's trade surplus with the United States. This is due to the need to transport ingots from London to New York for processing and remelting. At the moment, the price per troy ounce is at $3,245.
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