Gold soared to a fresh record above $3,160 an ounce on Thursday after US President Donald Trump unveiled sweeping new tariffs on imports, fuelling fears of a global economic slowdown and boosting demand for safe-haven assets.
The metal rose as much as 1.1% in early Asian trade, extending Wednesday’s 0.7% gain, after Trump announced from the White House Rose Garden that the US will apply a minimum 10% levy on all exports to the country.
Dozens of nations with high trade imbalances face steeper tariffs, with China hit with 34%, the European Union with 20%, and Vietnam with 46%, according to a White House factsheet.
Gold, notably exempted from the tariff regime, was among the few commodities spared. Spot prices climbed to a peak of $3,167.84 an ounce, surpassing Tuesday’s high of $3,149.
“Investors are clearly bracing for economic turbulence,” said a Hong Kong-based commodities strategist. “Gold’s safe-haven appeal is shining through as geopolitical and trade risks rise.”
The latest rally brings gold’s year-to-date gains to 20%, fuelled in part by record central bank purchases, ongoing inflationary pressures, and surging demand in Asia.
While gold advanced, other precious metals showed mixed performance. Silver and palladium dipped, while platinum edged higher in thin trade.
Traders are now watching for potential retaliation from trading partners, as well as moves by central banks which may intervene to stabilise markets.
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