Gold costs are hovering round a brand new report excessive as buyers rushed to place their cash into the protected haven asset following US President Donald Trump’s world tariff threats.
In accordance with Bloomberg knowledge, bullion traded close to $2,935 an oz. within the world markets after earlier hitting a contemporary report excessive of $2,947.01.
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In India, gold traded at ₹85,879 for 10 grams on the Multi Commodity Trade (MCX) for April 2025 futures. The excessive was ₹86.592.
Final Tuesday, Trump pledged to impose 25% tariffs on vehicle, semiconductor and pharmaceutical imports into the US.
One other side contributing to the rising gold costs is the escalating geopolitical tensions after senior officers from the US and Russia met for a primary spherical of talks over the struggle in Ukraine.
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Ukraine President Volodymyr Zelensky was left remoted and this compounding fears {that a} deal to resolve the struggle shall be reached with out Kyiv’s involvement, the Bloomberg report added.
Gold climbed by greater than 1 / 4 in 2024 alone. In 2025, it hit a number of report highs, all fanned by Trump’s commerce insurance policies.
Even Goldman Sachs raised its year-end goal for gold to $3,100 an oz. earlier this week, citing that stronger-than-expected central-bank shopping for can be a key driver, in keeping with the report.
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Ought to broader uncertainty over financial coverage persist, together with on tariffs, bullion might hit $3,300, it added.
