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Gold prices steadied in Asian trade on Tuesday after a dramatic surge to a new all-time high above $4,100 per ounce, as renewed friction between the United States and China triggered a sharp flight to safety. Silver also rallied to record levels before retreating amid profit-taking.
Gold Holds Firm After Record Surge
Spot gold edged 0.1% higher at $4,115.67 per ounce by 06:17 GMT, having earlier touched a historic peak of $4,190.67. U.S. gold futures were largely flat at $4,130.51/oz, reflecting some consolidation after a stellar rally driven by global uncertainty and a softer dollar.
The surge was fueled by investor demand for safe-haven assets after former President Donald Trump threatened to impose 10% tariffs on Chinese imports in retaliation for Beijing’s new curbs on critical mineral exports.
Tariff Threats Reignite Trade Anxiety
Trump’s remarks reignited fears of a renewed U.S.-China trade conflict, reminiscent of the 2018–2019 tariff war that rattled global markets. However, he later struck a more moderate tone, assuring that the U.S. “was not seeking harm” toward China.
Treasury Secretary Scott Bessent added that Trump and Chinese President Xi Jinping still plan to meet later this month in South Korea, offering hope for dialogue. Meanwhile, China’s Ministry of Commerce confirmed that working-level talks were ongoing this week but vowed to “fight till the end” if Washington proceeds with punitive measures.
The conflicting messages amplified market uncertainty, bolstering gold’s appeal as a store of value amid geopolitical volatility.
Silver Retreats After Record Rally; Copper Weakens
Silver, which has mirrored gold’s meteoric rise in recent sessions, slipped 1.7% to $49.565/oz after briefly topping $53/oz—its highest level on record. Analysts attributed the pullback to short-term profit-taking and technical correction following sharp gains.
Platinum also weakened 1.2% to $1,658.45/oz, while industrial metals fell as investors turned cautious on the outlook for Chinese demand. Copper futures on the London Metal Exchange dropped 2.8% to $10,519.05 per ton, and U.S. copper futures slid 3.4% to $4.96 per pound.
Outlook: Haven Demand vs. Trade Volatility
Analysts expect gold to remain well-supported as trade and geopolitical risks dominate sentiment, even as intermittent profit-taking tempers gains. The slight softening of the U.S. dollar has further strengthened bullion’s near-term outlook, while any escalation in U.S.-China tensions could fuel another leg higher toward $4,200.
Silver’s volatility, meanwhile, underscores the delicate balance between industrial demand and speculative buying—highlighting how rapidly sentiment can shift in a politically charged environment.
