Gold Rises Near Record Ahead of Trump’s Latest Tariff Unveiling
The precious metal rose as much as 0.7%, and was about $20 an ounce shy of its recent high, hit in the previous session. The White House and Trump have been reluctant to provide details on the target and scale of the levies, which will take effect immediately after they are unveiled at a 4 p.m. event in Washington.
The delayed announcement — which would follow tariffs on China, Canada and Mexico, as well as steel and aluminum — has triggered a fresh wave of volatility, including a selloff in U.S. stocks. While uncertain times have generally been good for gold — helping it set more than 15 records this year — investors are eager to see what impact the next round of levies will have on trade, the global economy and geopolitics.
Bullion has been one of the strongest performing commodities this year, rising 19% in the opening three months to post its best quarter since 1986. The rally has been driven by consistent central bank buying, coupled with rising demand for safe-haven assets. Global holdings in bullion-backed exchange-traded funds have surged to their highest since September 2023.
Spot gold was trading 0.5% higher at $3,129.70 an ounce at 10:40 a.m. in London, after peaking at $3,149 on Tuesday. The Bloomberg Dollar Spot Index was slightly lower. Silver and palladium rose, while platinum fell.
Source: Bloomberg
