Gold rises to fresh record as Trump tariffs trigger haven demand

Published On Feb 3, 2025, 9:53 AM

Gold prices have surged to a new all-time high of $2,825.38 an ounce due to increased demand for safe-haven assets following the imposition of tariffs by US President Trump on Canada, Mexico, and China. Investors are anxious about the effects of these tariffs on the global economy, triggering a rush towards gold and other safe assets while global stocks and cryptocurrencies have slumped. The tariffs include a 25% duty on Canadian and Mexican goods and a 10% duty on those from China, with retaliatory measures expected from these countries. Analysts believe these tariffs will have inflationary effects that could further support gold prices.