Gold on fire after Donald Trump's Liberation Day tariffs, price hits new record

Gold prices have surged to yet another all-time high following U.S. President Donald Trump's announcement of sweeping import tariffs, which drove investors to the safe-haven asset.

Spot gold hit its latest record at $3,167.57 a troy ounce on Thursday for a gain of 19 per cent since the start of 2025 and a hefty 71 per cent rise since the end of 2022.

Trump on Wednesday unveiled plans to slap a 10 per cent tariff on most goods imported to the U.S., as well as much higher levies on dozens of rivals and allies alike. The far-reaching duties have sent global markets reeling amid concerns they could dampen economic growth and stoke inflation.


Central banks are expected to help keep gold's stunning rally going this year, with buying aimed at further diversifying reserves away from the dollar. Analysts at ANZ said gold prices would push towards $3,200 over the next six months.

In the final quarter of 2024, when Trump won the U.S. election, central bank purchases accelerated 54 per cent year-on-year to 333 tons, according to an estimate from the World Gold Council (WGC).

But Trump's tariffs do not apply to certain goods, including copper, gold, energy and "certain minerals that are not available in the United States", a White House fact sheet showed. Gold stocks in COMEX warehouses in the U.S. have jumped in recent months on fears import tariffs might curb shipments.

Spot silver slipped 4.7 per cent to $32.44, its lowest since March 11. Platinum fell 2.6 per cent to $957.60, and palladium lost 1.6 per cent to $954.78.

Since the introduction of a minimum 10 per cent baseline tariff in countries importing semiconductors, where silver is used extensively, demand has become a concern, said Reliance Securities' senior analyst Jigar Trivedi, Reuters reported.

FAQs

Q1. What is current gold rate?
A1. Spot gold hit its latest record at $3,167.57 a troy ounce on Thursday for a gain of 19 per cent since the start of 2025 and a hefty 71 per cent rise since the end of 2022.

Q2. What is current price of Silver?
A2. Spot silver slipped 4.7 per cent to $32.44, its lowest since March 11. Platinum fell 2.6 per cent to $957.60, and palladium lost 1.6 per cent to $954.78.