Gold Prices Hit Record High Following Trump's Tariff Decisions
Global gold prices reached a new record high on Thursday as investors flocked to safe-haven assets following U.S. President Donald Trump's announcement of higher-than-expected tariffs on key trading partners, intensifying the global trade war.
Spot gold rose 0.4% to $3,145.93 per ounce as of 00:18 GMT, after touching an all-time high of $3,167.57 earlier in the session. Meanwhile, U.S. gold futures edged up 0.1% to $3,170.70 per ounce.
On Wednesday, Trump announced plans to impose a baseline tariff of 10% on all imports into the United States, along with higher duties on dozens of countries, including major U.S. trading partners. His administration also confirmed the implementation of a global 25% tariff on cars and trucks starting April 3, with additional duties on auto parts imports set to take effect on May 3.
Gold is traditionally considered a safe-haven asset during times of political and financial uncertainty. Its prices have surged more than 19% since the beginning of the year, driven by a combination of trade tensions, expectations of interest rate cuts, geopolitical conflicts, and central bank purchases.
As for other precious metals, silver fell 1.2% to $33.61 per ounce, platinum declined 0.8% to $975.93, and palladium dropped 0.6% to $964.56.
