Safe-haven gold hits record peak after Trump’s tariffs

Gold hit a record high on Thursday as nervous investors rushed towards safe-haven assets following US president Donald Trump‘s more aggressive-than-anticipated tariffs against major trading partners.

Spot gold was up 0.4 percent at $3,145.93 an ounce, as of 00:18 GMT, after hitting an all-time high of $3,167.57 earlier in the session.

US gold futures firmed 0.1 percent at $3,170.70.

Trump said on Wednesday that he would impose a 10 percent baseline tariff on all imports to the US and higher duties on dozens of other countries, including some of the US’ biggest trading partners, deepening a trade war that has rattled global markets and bewildered US allies.

Trump’s administration also confirmed that his 25 percent global car and truck tariffs will take effect as scheduled on April 3 and that duties on automotive parts imports will be launched on May 3.

Gold, traditionally seen as a hedge against political and financial uncertainty, has surged over 19 percent so far this year, on the back of uncertainty surrounding tariffs, potential for interest rate cuts, geopolitical conflicts and central bank buying.

• Gold continues to soar as investors seek refuge
• Trump to visit Saudi Arabia, UAE and Qatar by May
• GCC is not immune to trade wars and US stagflation

Meanwhile, US 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 due to tariffs.

All eyes are on the US non-farm payrolls report, due Friday, for further clues on the Federal Reserve’s monetary policy path.

Spot silver slipped 1.2 percent to $33.61 an ounce, while platinum fell 0.8 percent to $975.93 and palladium lost 0.6 percent to $964.56.