Gold prices soared to an all-time high on Thursday, surpassing $2,950 per ounce, as investor concerns over U.S. President Donald Trump’s tariff threats fueled demand for the safe-haven asset.
Gold’s Record-Breaking Surge
Spot gold climbed 0.6% to $2,951.25 an ounce as of 1136 GMT, reaching $2,954.69 earlier in the session—its tenth record high of the year. Meanwhile, U.S. gold futures gained 1.1% to $2,969.30. Gold has risen 12% in 2025, driven by uncertainty in global trade.
“The $3,000 level seems to be having a magnetic effect on the market,” said analyst Ross Norman. “The $2,950 is seen as the last chart resistance before the market elevates to challenge the $3,000 level.”
Market Uncertainty and Tariff Threats
Trump announced plans to impose tariffs on lumber, cars, semiconductors, and pharmaceuticals within the next month. His previous actions included a 10% tariff on Chinese imports and a 25% tariff on steel and aluminum. This uncertainty has kept investors flocking to gold as a hedge against economic instability.
Despite speculation that Ukraine-Russia peace talks could impact gold prices, IG market strategist Yeap Jun Rong believes any dip would be temporary.
Federal Reserve and Currency Impact
Minutes from the Federal Reserve’s latest meeting revealed concerns over inflation, reinforcing the central bank’s decision to hold off on further rate cuts. Meanwhile, the U.S. dollar has remained steady amid trade tensions.
Elsewhere, silver rose 1.2% to $33.12 an ounce, platinum edged up 0.2% to $974.05, and palladium gained 1.7% to $984.59.