Gold prices could keep climbing as Trump’s trade policies rock markets
Global News
Gold prices have been spiking as President Donald Trump's tariff policies have started an international trade war that's roiled financial markets.
Markets around the world continue to sink on fears about President Donald Trump’s protectionist trade policies, and investors keep plowing money into gold, with futures hitting another record high Monday.
Trump’s latest round of tariffs roll out Wednesday, which Trump has been calling “Liberation Day.”
Interest in buying gold can rise sharply in times of uncertainty, as anxious investors seek safe havens for their money. Gold prices have been spiking as Trump’s tariff policies have started an international trade war that’s roiled financial markets and threatened to reignite inflation for families and businesses alike.
If trends continue, analysts say gold’s price could continue to climb in the months ahead. But precious metals are also volatile assets — so the future is never promised.
Here’s what to know.
On Monday, the going price for New York spot gold hit a record $3,122.80 per troy ounce — the standard for measuring precious metals, which is equivalent to 31 grams. That’s about $886, or 40%, higher than a year ago.
The price of spot gold is up 19% since the start of 2025, per the data firm FactSet. By contrast, the stock market has tumbled. The benchmark S&P 500 is down 4.5% this year as even blue chip stocks have faded.
Gold futures also reached a record in trading Monday, hitting close to $3,157.40 an ounce.
Iran's foreign minister said the U.S. attacked Kharg and Abu Musa islands from locations in the United Arab Emirates, a claim the UAE rejected.
Citing "a more contested environment", British Prime Minister Keir Starmer and his Irish counterpart Micheal Martin said the exercises would begin in September.
Only one in four (23 per cent) Canadians approve while, 16 per cent are unsure either way. Forty-two per cent were found to strongly disapprove.
Countries around the world are grappling with skyrocketing costs for key commodities like oil and fertilizer as the war with Iran continues to upend global trade.
The U.S. Central Command said the crash followed an unspecified incident involving two aircraft in “friendly airspace,” and that the other plane landed safely.
Water treatment centres in the Persian Gulf region are under threat amid the Iran war, with desalination plants in areas like Bahrain taking damage from strikes.
John Gradek said that the price of jet fuel is up about 30 per cent and the cost of fuel represents about 30 per cent of an airline's operating costs.
Iran's unrelenting attacks on shipping traffic and energy infrastructure in the Persian Gulf pushed oil back above $100 a barrel on Thursday.
Concerns were raised in a document sent to British Prime Minster Keir Starmer in December 2024 when he was considering appointing Peter Mandelson.
Canada and a group of dozens of other countries have agreed to release 400 million barrels of oil from their strategic reserves as the Iran war threatens the global supply.
Iran's military command said on Wednesday the world should be prepared for oil to hit US$200 a barrel, as three more ships came under attack in the blockaded Gulf.
Iran launched new attacks against Israel and Gulf Arab countries, while Israel carried out airstrikes on Iran and Lebanon, where it is battling Hezbollah militants.
The department said it is also seeing fewer Canadians take government-assisted travel options as flights gradually resume in certain parts of the region.