Gold prices increase to new all-time high after Trump’s sharp tariff remarks
File photo shows gold bars rest atop U.S. dollar banknotes, accessed on Mar. 31, 2025. (Adobe Stock Photo)
The price of gold per ounce climbed to a record on Monday, reaching $3,127.88 per ounce, as investor anxiety over global trade policy intensified following fresh remarks from U.S. President Donald Trump, stating that tariffs would apply to all countries.
As of 1000 GMT, spot gold was trading slightly lower at around $3,114, following a 1.4% increase earlier in the day.
The precious metal, widely seen as a haven during times of economic uncertainty, has surged approximately 15% since Trump took office on Jan. 20.
The rally in gold prices reflects growing concerns over escalating global trade tensions, reinforcing its role as a safe-haven asset.
Gold began 2025 at $2,620 per ounce and has since gained more than $500, marking a 19% increase in just the first three months of the year. In 2024, the metal had already recorded a 27% annual gain.
Trade war fears escalate
Trump’s announcement came late Sunday during an impromptu exchange with reporters aboard Air Force One. When asked about the scope of his tariff decision, which is scheduled to be officially unveiled on April 2, “You’d start with all countries, so let’s see what happens,” Trump said.
His remarks broke with earlier expectations that the tariffs would focus only on countries with which the U.S. holds significant trade deficits. Just last week, the Trump administration imposed a 25% tariff on all automobile imports, intensifying fears of a broader global trade war.
