Gold prices could keep climbing as Trump’s trade policies rock markets
Global News
Gold prices have been spiking as President Donald Trump's tariff policies have started an international trade war that's roiled financial markets.
Markets around the world continue to sink on fears about President Donald Trump’s protectionist trade policies, and investors keep plowing money into gold, with futures hitting another record high Monday.
Trump’s latest round of tariffs roll out Wednesday, which Trump has been calling “Liberation Day.”
Interest in buying gold can rise sharply in times of uncertainty, as anxious investors seek safe havens for their money. Gold prices have been spiking as Trump’s tariff policies have started an international trade war that’s roiled financial markets and threatened to reignite inflation for families and businesses alike.
If trends continue, analysts say gold’s price could continue to climb in the months ahead. But precious metals are also volatile assets — so the future is never promised.
Here’s what to know.
On Monday, the going price for New York spot gold hit a record $3,122.80 per troy ounce — the standard for measuring precious metals, which is equivalent to 31 grams. That’s about $886, or 40%, higher than a year ago.
The price of spot gold is up 19% since the start of 2025, per the data firm FactSet. By contrast, the stock market has tumbled. The benchmark S&P 500 is down 4.5% this year as even blue chip stocks have faded.
Gold futures also reached a record in trading Monday, hitting close to $3,157.40 an ounce.
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The pause was announced hours after his global tariff policy took effect, capping a chaotic week for global financial markets and uncertainty about the world economy.
U.S. President Donald Trump has long argued that tariffs are necessary to counteract America's trade deficit with global partners, including China.
This comes after a report claimed Trump's administration is considering drone strikes on drug cartels in Mexico to combat trafficking across the shared border.
The European Union says it will launch its first counter-tariffs on U.S. imports beginning next week on a range of products from food to motorcycles, clothing and dental floss.
Although Trump's latest tariffs include a massive 104 per cent levy on U.S. imports of Chinese products, markets in China reversed early losses, gaining ground on Wednesday.
China has raised tariffs to 84 per cent on goods coming from the U.S. in an additional countermeasure, up from 34 per cent tariffs it announced last week.
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The Commerce Ministry said the U.S.‘s imposition of 'so-called ‘reciprocal tariffs’' on China is 'completely groundless and is a typical unilateral bullying practice.'
Trump's response is in reaction to China retaliating to the U.S. "reciprocal" tariffs with a 34 per cent duty of its own on American imports.