Gold Prices Surge Amid Trade Tensions
On Tuesday, gold prices reached unprecedented levels as investors sought the safety of the precious metal following U.S. President Donald Trump’s announcement of a new 25 percent tariff on steel and aluminum imports. This move has heightened concerns regarding potential trade wars and inflationary pressures.
As of 02:29 GMT, spot gold rose by 1.1 percent to $2,939.80 per ounce, having earlier peaked at an impressive $2,942.70 during the trading session. Similarly, U.S. gold futures also experienced a 1.1 percent increase, trading at $296.00 an ounce.
This upward trend marks the eighth time gold has hit a standard threshold this year, largely fueled by Trump’s tariff threats, which have intensified global uncertainty surrounding economic growth, trade conflicts, and inflation concerns. Traditionally, precious metals like gold serve as a hedge against political and economic instability.
The escalating trade tensions have sparked renewed interest in gold, pushing its price toward the significant psychological barrier of $3,000 per ounce.
Other Precious Metals Performance
In addition to gold, silver also saw an increase in spot transactions, climbing 0.4 percent to $32.16 per ounce. Meanwhile, platinum experienced a decline of 0.4 percent, trading at $989.50 per ounce, whereas palladium rose by 0.4 percent to $986.97 per ounce.
| Commodity | Price Change (%) | Current Price (USD) |
|---|---|---|
| Gold | +1.1 | $2,939.80 |
| Silver | +0.4 | $32.16 |
| Platinum | -0.4 | $989.50 |
| Palladium | +0.4 | $986.97 |
As developments unfold in the international trade landscape, the performance of precious metals will continue to be closely monitored by investors navigating these turbulent economic conditions.
