Gold reached an unprecedented peak as market participants flocked to safe-haven assets in response to President Trump’s declaration of substantial tariffs. The recent implementation of tariffs, featuring a 10% baseline on all U.S. imports alongside increased duties on vehicles, has intensified global trade tensions and amplified market uncertainty. In response to heightened investor anxiety, there was a notable surge in demand for safe-haven assets on Thursday, culminating in gold achieving a new all-time high. The announcement made by President Donald Trump concerning tariffs that exceeded expectations against key trading partners has consequently escalated the global trade conflict.

The price of gold has experienced a notable rise of more than 19% year-to-date. The observed increase can be linked to the prevailing uncertainty regarding tariffs, the potential for interest rate cuts, ongoing geopolitical tensions, and the accumulation of gold reserves by central banks. Gold has historically been viewed as a safeguard against political and financial instability. The price of gold has experienced a notable rise of more than 19% year-to-date. The observed increase can be linked to the prevailing uncertainty regarding tariffs, the potential for interest rate cuts, ongoing geopolitical tensions, and the accumulation of gold reserves by central banks. Gold has historically been viewed as a safeguard against political and financial instability.

At 00:18 GMT, spot gold, having attained a record peak of $3,167.57 earlier in the trading session, was priced at $3,145.93 per ounce, reflecting a 0.4% rise. In the United States, gold futures experienced an increase of 0.1%, reaching a price of $3,170.70.

On Wednesday, Trump declared the implementation of a baseline tariff of 10% on all imports to the United States, alongside increased tariffs on a number of other nations, including several of the country’s major trading partners. This would exacerbate an ongoing trade conflict that has destabilized international markets and created uncertainty among U.S. allies. The Trump administration has confirmed that the global tariffs of 25% on automobiles and trucks will be enacted as scheduled on April 3, with additional penalties on automotive parts imports set to take effect on May 3.

During the same timeframe, private payrolls in the United States increased more than expected in March; however, this development did not change the consensus among analysts regarding a deceleration in the labor market, particularly in light of rising economic uncertainty stemming from tariffs.