Gold prices surged to a record high on Tuesday as investors piled into safe-haven assets amid fears of a trade war and inflation after US President Donald Trump announced a new 25% tariff on imported steel and aluminum on Monday.
Spot gold rose 1.1 per cent to $2,939.8 an ounce as of 2.29am GMT, after hitting a record high of $2,942.7 earlier in the session, according to Reuters. U.S. gold futures also rose 1.1 percent to $2,966.
Trump on Monday announced a steep increase in tariffs on steel and aluminum imports to 25 percent, aimed at helping struggling U.S. industries. The price of gold has hit its eighth all-time high this year amid Trump's tariff threat.
On April 2, 2025, local time, US President Trump announced the implementation of the "America First Tariff Plan", imposing a 10% basic tariff on all imported goods and an additional 25%-50% tariff on key areas such as steel and semiconductors.
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