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Gold prices soared to a record high Thursday as escalating US-China trade tensions fueled strong safe-haven demand. Spot Gold rose 2.83% to $3,170.27 per ounce, while Gold Futures for June delivery jumped 3.54% to $3,188.56.
The rally followed new U.S. tariffs that took effect Wednesday, with President Donald Trump announcing a 90-day pause on reciprocal tariffs for most countries—excluding China. Tariffs on Chinese imports were sharply raised to 145%, while China’s retaliatory tariffs of 84% on U.S. goods began Thursday. The conflicting moves heightened fears of a prolonged trade war between the world’s two largest economies, boosting demand for gold as a hedge against economic and geopolitical risk.
Gold had previously hit a record high on April 3 after initial tariff announcements. However, it saw brief declines as investors liquidated positions to cover broader market losses. The recent rebound reflects renewed investor caution amid mixed trade policy signals.
Adding to gold’s bullish momentum, the U.S. Dollar Index dropped 1.8%, making the precious metal more attractive to international buyers. Other metals also gained, with Silver Futures climbing 2.3% to $31.11 an ounce and Platinum Futures rising 2.14% to $939.70.
Copper Futures surged 4.4% on optimism over Trump’s tariff pause, though ING analysts warned that elevated tariffs on China—set at 125%—continue to pose risks. Nonetheless, expectations for further economic stimulus from Beijing may help support copper and other industrial metals.
With uncertainty around global trade policy deepening, safe-haven assets like gold are seeing increased interest, pointing to ongoing volatility in commodity and financial markets.
