Gold hits all-time high as Donald Trump’s tariff plans stir inflation worries
The Hindu
Gold prices surge to record high amid inflation fears over Trump's tariffs, driving safe-haven demand and bullish market sentiment.
Gold prices hit a record peak on Tuesday (April 1, 2025), as concerns that U.S. President Donald Trump's reciprocal tariffs might fuel inflationary pressures and impede economic growth drove safe-haven demand.
Spot gold was up 0.6% at $3,142.83 an ounce, as of 0310 GMT, after hitting an all-time high of $3,145.38 earlier in the session.
U.S. gold futures rose 0.7% to $3,171.80.
In the previous session, bullion recorded its strongest quarter since 1986, marking one of the most significant upswings in the precious metal's history.
"The anticipation of the April 2 U.S. reciprocal tariffs has led market participants to lean towards a defensive stance, with some de-risking and turning to safe-haven gold as a hedge against impending portfolio volatility," IG market strategist Yeap Jun Rong said.
"While technical indicators suggest overextension in the near term, uncertainty surrounding the tariffs is likely to sustain gold's traction for now, with buyers seemingly eyeing for a retest of the $3,200 level next."
Trump, who sees tariffs as a way of protecting the domestic economy from unfair global competition, has promised to unveil a massive tariff plan on Wednesday, which he has dubbed "Liberation Day". The reciprocal tariffs he is set to announce will include all nations.
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