Latest News

Gold reaches record highs as Trump's tariff plans spur demand for safe-haven gold

Gold prices reached a record high on Friday, as fears over President Donald Trump's new tariff plans fueled fears of a trade war around the world. This prompted a rush to the gold-safe haven.

As of 0230 GMT spot gold rose 0.6%, to $3,073.79 per ounce. It had earlier reached a session high of $3.077.44. Bullion has risen 1.7% this week.

U.S. Gold Futures rose 0.8% to $3.083.60.

Gold is riding high at the moment. "Everything is in favor of gold, including U.S. economic policy, U.S. geopolitics and the slowdown in global growth," said Capital.com financial analyst Kyle Rodda. He added that $3,100/oz was the next major milestone for gold prices.

Gold's rise in 2025 was fueled by uncertainty surrounding tariffs, the potential for interest rates to be cut, geopolitical conflict and central bank purchases.

Mark Carney, the Canadian prime minister, said on Thursday that he would take unspecified actions in response to Trump's new auto tariffs which have escalated a global war of trade and caused stocks to plummet.

The reciprocal tariffs, which Trump will implement on April 2nd, could also cause inflation, slow economic growth and escalate trade disputes.

BMI analysts stated in a report that they continue to have a bullish view on gold prices. Gold continues to benefit from U.S. uncertainty regarding policy, trade tensions and military conflicts across the globe, as well as inflation concerns and macro-uncertainty.

Gold has traditionally been seen as a hedge to economic and political uncertainties and thrives when interest rates are low.

Richmond Federal Reserve President Tom Barkin said that given the high level of uncertainty in the U.S. and the rapid changes to policy, the Fed's "moderately restricting" monetary policies are appropriate.

The U.S. The Personal Consumption Spending data is due later today, and could affect expectations for rate reductions this year following the Fed's recent decision not to cut its benchmark rate.

Silver spot fell by 0.3%, to $34.31, platinum increased 0.3%, to $988.45 and palladium rose by 0.1%, to $976.5. (Reporting and editing by Anjana Anil in Bengaluru, Anushree mukherjee from Bengaluru)

(source: Reuters)