Insignia Consultants | Gold climbs record high as Trump's tariff plans spark safe-haven demand
Gold climbs record high as Trump's tariff plans spark safe-haven demand
March 28 (Reuters) - Gold prices scaled a record peak on Friday as concerns over U.S. President Donald Trump's fresh tariff plans ignited fears of a global trade war, driving a rush towards the safe-haven allure of the precious metal.
Spot gold climbed 0.6% to $3,073.79 an ounce, as of 0230 GMT, after hitting an all-time high of $3,077.44 earlier in the session. Bullion is up 1.7% so far this week.
"Gold has the wind at its back at the moment. U.S. trade policy, U.S. fiscal policy, geopolitics, and a growth slowdown - everything is blowing in gold's direction," Capital.com's financial market analyst Kyle Rodda said, adding that $3,100/oz is the next big milestone for prices.
Uncertainty surrounding tariffs, potential for interest rate cuts, geopolitical conflicts and central bank buying have all played a role in fueling gold's surge in 2025.
Canadian Prime Minister Mark Carney said on Thursday he would respond with unspecified trade actions if Trump imposes new auto tariffs that have expanded a global trade war and hammered stocks.
