Gold hits record as Trump’s tariff spree sparks haven demand

Gold hit a new record above $3,160 an ounce after President Donald Trump unveiled his sweeping “reciprocal” tariffs, imposing a minimum levy of 10% on imports and stoking fears it may trigger a global economic slowdown.

Bullion was one of the few commodities exempted from the tariffs, according to a White House factsheet. The metal’s haven status was underlined when it rose as much as 1.1% in early Asian trade, shortly after the president’s Rose Garden address. That followed a 0.7% gain on Wednesday.

Trump said he will apply a minimum 10% tariff on all exports to the US, with dozens of countries with the largest trade imbalances facing even higher rates. The levy imposed on China is 34%, while for the European Union it’s 20% and for Vietnam it’s 46%. 

Investors are flocking to gold as concerns mount over the health of the global economy. The precious metal has surged 20% this year after a ferocious run in 2024 that was largely driven by massive central bank purchases and robust demand in Asia. 

Spot gold hit a new record of $3,167.84 an ounce, after peaking at $3,149 on Tuesday. Silver and palladium dropped, while platinum edged higher.