Gold scaled a record peak on Thursday, as investors sought the safe-haven asset in response to escalating global trade tensions and tumbling equity markets, following U.S. President Donald Trump’s announcement of new auto tariffs.
Spot gold climbed 1% to $3,050.32 an ounce as of 01:40 p.m. ET (1740 GMT) after hitting an all-time high of $3059.30. Bullion has hit 17 record highs this year.
U.S. gold futures climbed 1.3% to settle at $3,061, also hitting an all-time high of $3,071.30 earlier in the session.
“Looks like we’re going to see (gold futures hit) $3,100 here shortly and the main catalyst is safe-haven buying,” driven by uncertainty around Trump’s tariff plans, said Bob Haberkorn, senior market strategist at RJO Futures.
Governments from Ottawa to Paris threatened retaliation after Trump unveiled a 25% tariff on imported vehicles, set to come into effect the day after he plans to announce reciprocal tariffs, aimed at the countries he says are responsible for the bulk of the U.S. trade deficit.
Global stock markets fell as shares in some of the world’s biggest carmakers tumbled.