Gold prices surged to another record high in Asian trading on Tuesday, as investors rushed to safe-haven assets ahead of fresh U.S. tariff announcements. Spot gold rose 0.7% to $3,148.10 per ounce, its highest level ever, while gold futures for June delivery gained 0.3% to $3,158.10. This marks the fourth straight session of all-time highs for the yellow metal.
Investors turn to gold ahead of “Liberation Day” tariffs
The rally is being driven by growing anxiety over President Trump’s upcoming tariff measures, set to be announced on April 2. Branded “Liberation Day,” the move will include a 25% tariff on auto imports and a return of tariffs on Canada and Mexico. These policies are aimed at addressing trade imbalances but are also raising fears of global economic disruption.
Safe haven demand lifts gold further
With market participants bracing for potential fallout, gold’s safe-haven appeal has strengthened. The metal is often viewed as a hedge during times of economic or political uncertainty, and that’s exactly what many investors are preparing for now.
Weak dollar adds to mullion’s momentum
Adding to gold’s support is a weakened U.S. dollar, which has struggled to gain momentum amid growing policy uncertainty. All eyes are now on April 2, when the full details of the new tariffs will be revealed.
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