Gold Continues Its Growing Trend

Gold prices soared to an all-time high on Thursday following U.S. President Donald Trump’s announcement of new tariffs against key trading partners, prompting investors to flock to safe-haven assets and escalating global trade tensions.

Spot gold climbed 0.4% to $3,145.93 per ounce after hitting a record $3,167.57 in early trading. Meanwhile, U.S. gold futures rose 0.1% to $3,170.70 per ounce.

On Wednesday, Trump declared a 10% baseline tariff on all imports to the U.S., along with additional levies on dozens of other countries, including major U.S. trading partners. The move deepened the ongoing trade war, roiling global markets and surprising U.S. allies.

The Trump administration also confirmed that a 25% global tariff on cars and trucks would take effect on April 3, with import duties on auto parts following on May 3.

According to Reuters, gold—traditionally seen as a hedge against political and financial uncertainty—has gained more than 19% since the start of the year due to concerns over tariffs, potential interest rate cuts, geopolitical conflicts, and central bank purchases.

Meanwhile, private-sector payrolls in the U.S. grew more than expected in March. However, economists remain cautious about the labor market’s slowdown due to increasing economic uncertainty linked to tariffs.

Market focus now shifts to the U.S. nonfarm payroll report, set to be released on Friday, for further clues on the Federal Reserve’s monetary policy trajectory.

Among other precious metals, silver dropped 1.2% to $33.61 per ounce, platinum fell 0.8% to $975.93 per ounce, and palladium declined 0.6% to $964.56 per ounce.

(By Maziyar Jafarieh)