Gold Futures Soar to Record Highs Amid U.S. Tariff-Fueled Trade Tensions

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By Anmol Choubey

(GudangMovies21) - On Thursday, U.S. gold futures reached an all-time high as investors turned to this secure asset class amid rising global trade conflicts and falling stock markets after U.S. President Donald Trump declared additional tariffs on automobiles.

U.S. gold futures increased by 1.1%, reaching $3,056.10, following an unprecedented peak of $3,065.50 during the trading session. Meanwhile, spot gold advanced to $3,047.89 per ounce at 09:10 a.m. ET (1310 GMT).

Historically, gold has been viewed as a safeguard during times of economic and political instability and tends to perform well when interest rates are low. This year, gold spot prices have reached 16 new records, peaking at an unprecedented level of $3,057.21 on March 20th.

"It seems we'll witness gold futures reach $3100 soon, primarily due to safe-haven buying," caused by uncertainties surrounding Trump's tariff proposals, explained Bob Haberkorn, senior market strategist at RJO Futures.

Leaders in cities ranging from Ottawa to Paris warned of potential reprisals following President Trump’s announcement of a 25% tax on cars coming into the United States. This new levy is scheduled to start the day after Trump intends to impose retaliatory duties targeting nations he believes contribute significantly to America’s trade gap.

Worldwide share prices dropped as major automotive companies saw their stocks decline sharply. [MKTS/GLOB]

After the Federal Reserve decided last week to keep its key interest rate unchanged but hinted at possible rate reductions in the coming months, investors are looking forward to the release of U.S. Personal Consumption Expenditures figures on Friday to assess the likelihood of additional decreases in rates.

"If the PCE data turns out stronger than anticipated, it could indicate further gains for gold... as this would put the Fed in a better spot to begin reducing interest rates," Haberkorn explained.

On Wednesday, Goldman Sachs increased its 2025 year-end gold price prediction to $3,300 an ounce from $3,100, pointing to unexpected increases in ETF investments along with ongoing purchasing by central banks as reasons for this adjustment.

The price of spot silver decreased by 0.6% to reach $33.90 per ounce, platinum dropped 0.5% to hit $970.25, whereas palladium increased by 0.4% to stand at $972.42.

(Reported by Anmol Choubey in Bengaluru; Edited by Shailesh Kuber)

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