Gold Hits Record High as Trump Imposes Sweeping Trade Tariffs

Gold prices surged to an all-time high in early Asian trading Thursday, fueled by rising safe haven demand after U.S. President Donald Trump announced sweeping trade tariffs. Spot gold soared to $3,165.64 an ounce, while June gold futures peaked at $3,198.40/oz, as investors sought shelter from mounting global uncertainty.

Trump unveiled a 10% universal tariff on all U.S. imports and additional reciprocal duties targeting at least 18 countries. The move rattled global markets, driving a risk-off sentiment and lifting both gold and the Japanese yen. The dollar weakened, adding further momentum to gold’s rally.

China was the hardest hit, with cumulative tariffs now totaling 54% since Trump took office. The European Union faces 20% tariffs, while Vietnam, Taiwan, Japan, and India will be subject to 24–46% duties. Countries like Brazil, Australia, the UK, and Colombia, which impose lower tariffs on U.S. goods, were assigned the baseline 10% rate. The universal tariffs take effect April 5, with reciprocal tariffs starting April 9.

Some imports—including gold, copper, energy products, pharmaceuticals, and certain minerals—are exempt from the reciprocal tariffs. Despite the exclusions, investor concerns over inflation and a potential recession intensified, given that U.S. importers and consumers will ultimately bear the cost of the tariffs.

While gold rallied, other metals lagged. Platinum futures dropped 1.1% to $996.85/oz, silver fell 1.2% to $34.235/oz, and U.S. copper futures slid 2.2% to $4.9200/lb, despite earlier gains driven by supply concerns. London copper edged up 0.1% to $9,694.45/ton.

Trump’s aggressive trade stance has raised fears of slowing global growth, prompting investors to shift toward traditional safe havens—most notably, gold.