Gold prices surged to an all-time high in Asian trading on Tuesday, driven by rising safe-haven demand as investors braced for upcoming tariff announcements from U.S. President Donald Trump.
Gold’s Record-Breaking Rally
- Spot Gold rose 0.7% to $3,148.10 per ounce, marking its highest level ever.
- Gold Futures (June) gained 0.3% to $3,158.10 an ounce.
- The yellow metal has now set record highs for four consecutive sessions.
Trump’s Tariffs Fuel Gold’s Safe-Haven Appeal
- President Trump will announce new “reciprocal tariffs” on April 2 at 15:00 ET (19:00 GMT).
- These tariffs will target multiple trading partners without exemptions, increasing economic uncertainty.
- Gold’s traditional role as a hedge against geopolitical and economic instability has pushed prices higher.
- A weaker U.S. dollar has further supported gold prices.
Mixed Performance in Other Precious Metals
- Platinum Futures fell 0.6% to $1,022.75 per ounce.
- Silver Futures rose 0.3% to $34.715 per ounce.
Copper Prices Rise on Strong Chinese Manufacturing Data
- Copper Futures (LME) climbed 0.5% to $9,758.10 per ton.
- Copper Futures (May) rose 0.3% to $5.0665 per pound.
- China’s Caixin Manufacturing PMI hit 51.2 in March, the highest level since December 2024, signaling strong industrial demand.
Copper’s gains reflect robust Chinese manufacturing activity, reinforcing expectations of higher industrial metal demand.