Gold hits all-time high as Trump’s tariff plans stir inflation worries 

WASHINGTON: Gold prices hit a record peak on Tuesday (April 1, 2025), as concerns that US President Donald Trump’s reciprocal tariffs might fuel inflationary pressures and impede economic growth drove safe-haven demand. 

Spot gold was up 0.6 per cent at $3,142.83 an ounce, as of 0310 GMT, after hitting an all-time high of $3,145.38 earlier in the session. 

US gold futures rose 0.7 per cent to $3,171.80. 

Gold prices hit a record peak on Tuesday (April 1, 2025), as concerns that US President Donald Trump’s reciprocal tariffs might fuel inflationary pressures and impede economic growth drove safe-haven demand. 

Spot gold was up 0.6 per cent at $3,142.83 an ounce, as of 0310 GMT, after hitting an all-time high of $3,145.38 earlier in the session. 

US gold futures rose 0.7 per cent to $3,171.80. 

In the previous session, bullion recorded its strongest quarter since 1986, marking one of the most significant upswings in the precious metal’s history. 

“The anticipation of the April 2 US reciprocal tariffs has led market participants to lean towards a defensive stance, with some de-risking and turning to safe-haven gold as a hedge against impending portfolio volatility,” IG market strategist Yeap Jun Rong said. 

“While technical indicators suggest overextension in the near term, uncertainty surrounding the tariffs is likely to sustain gold’s traction for now, with buyers seemingly eyeing for a retest of the $3,200 level next.” 

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