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With the effect of US President Donald Trump's announcement of additional tariffs on steel and aluminium imports after taking office, gold broke a record by approaching $ 3,000 per ounce. Gold, which has maintained its climb, rising 12 per cent since the beginning of 2025, rose 1.7 per cent in the previous session, reaching a new peak above $ 2,936 per ounce.
As President Trump's new tariff plans continue to raise global trade war concerns, investors continue to turn to gold, known as a safe haven. Radical changes are taking place in the markets as a result of President Trump's moves, signalling that new tariffs will come this week. Trump states that the latest tax round will assistance local production and bring more jobs to the US. With geopolitical tensions and trade wars increasing the requisition, it is observed that silver, platinum and palladium are on the rise as well as gold.
Standard Chartered Analyst Suki Cooper said, ‘There is a lot of concern about customs tariffs. Gold's safe-haven appeal really comes into play when there is a broad-based risk.’ Stating that gold is likely to reach new highs in the coming days, Cooper stated that the rally may slow down later in the year. Cooper said ‘If we see more interest rate cuts in the first half of the year, this will support gold. Then this tailwind will diminish in the second half of the year.’
Yeap Jun Rong, market strategist at British financial institution IG, said ‘Repeated tariff threats have increased safe-haven buying of gold. Any downside surprise in inflation data could mean more policy flexibility for the Fed, potentially bringing forward rate cut expectations and providing further support for gold.’
