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Gold scales record peak as Trump tariffs fuel safe-haven scramble

2025/04/03/06:30
in Commodities, Financial insights
Reading Time: 2 mins read
248 5
A A
HSBC will have to share custody with JPMorgan of $52 bln in gold bars

Gold bars are displayed during a photo opportunity at the Ginza Tanaka store in Tokyo

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Jittery investors flocked to safe-haven assets on Thursday and pushed gold to a record high after U.S. President Donald Trump unleashed more aggressive-than-expected import tariffs, kicking into higher gear an already heated global trade war.

Spot gold was up 0.5% at $3,148.05 an ounce as of 0325 GMT, after hitting an all-time high of $3,167.57 earlier in the session.

U.S. gold futures firmed 0.2% to $3,172.60.

On Wednesday, Trump unveiled a 10% baseline tariff on all imports to the U.S. and higher duties on dozens of countries, including some of the United States’ biggest trading partners, deepening a trade war that has rattled global markets and bewildered U.S. allies.

Analysts believe that Trump’s aggressive policy stance will slow down U.S. economic growth and stoke inflation.

“There are a few reasons why tariffs are supporting gold demand. One is the slowdown that tariffs are likely to cause the U.S. economy, raising the prospects of future rate cuts,” Capital.com’s financial market analyst Kyle Rodda said.

The Trump administration confirmed that the 25% global car and truck tariffs will take effect on April 3 as planned, and duties on automotive parts imports will be launched on May 3.

Gold, traditionally seen as a hedge against political and financial instabilities, has surged over 19% year-to-date on the back of uncertainty around tariffs, potential for interest rate cuts, geopolitical conflicts, and central bank buying.

“There’s also some front running going on amongst traders who anticipate (Trump’s) policies will drive central banks to park their reserves in gold rather than U.S. dollar-denominated assets,” Rodda said.

Meanwhile, U.S. private payrolls increased more than expected in March, but that did not change economists’ views that the labour market was slowing against the backdrop of mounting economic uncertainty.

All eyes are on the U.S. non-farm payrolls report due Friday for further clues into the Federal Reserve’s policy path.

Spot silver slipped 1.5% to $33.52 an ounce, platinum fell 0.7% to $977.17 and palladium lost 0.5% to $965.14.

(Reporting by Anjana Anil and Anushree Mukherjee in Bengaluru; Editing by Eileen Soreng and Sumana Nandy)

Source: yahoo!finance

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