WASHINGTON – Investors rushed to safe-haven assets on Thursday, pushing gold to an all-time high after US President Donald Trump imposed sweeping import tariffs, intensifying global trade tensions.
Spot gold surged 0.5% to $3,148.05 per ounce as of 0325 GMT, after peaking at a record $3,167.57 earlier in the session. US gold futures edged up 0.2% to $3,172.60.
Trump’s newly announced 10% baseline tariff on all imports and higher duties on key trading partners have shaken global markets, with analysts warning of slowed US economic growth and rising inflation.
“Tariffs are fueling gold demand due to concerns over a US economic slowdown and potential interest rate cuts,” said Kyle Rodda, financial analyst at Capital.com.
The Trump administration confirmed that 25% tariffs on global car and truck imports will take effect on April 3, with duties on automotive parts imports launching May 3.
Gold, a traditional hedge against economic and political uncertainty, has soared 19% year-to-date, driven by trade concerns, geopolitical risks, and increased central bank buying.
Meanwhile, US private payroll data exceeded expectations in March, though analysts remain cautious about the overall labor market. Investors are now awaiting the US non-farm payrolls report on Friday for further signals on Federal Reserve policy.
Other precious metals saw declines:
- Silver fell 1.5% to $33.52 per ounce
- Platinum dropped 0.7% to $977.17
- Palladium slipped 0.5% to $965.14
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