100 Days In: Trump’s ‘Strategic Uncertainty’ on Tariffs Leaves Markets Guessing

Gold reached a record high of $2,951.73 per ounce in February, driven by safe-haven demand amid U.S. trade policy uncertainty and rising inflation expectations. A major factor was the 2.49% increase in gold ETF holdings—the largest monthly inflow since March 2022. Despite a late-month pullback, gold secured a 2.12% monthly gain. Meanwhile, gold mining stocks are showing strong leverage to gold prices, up 17.22% year-to-date compared to bullion’s 8.89%. The industry remains largely insulated from global tariffs, with many producers actually benefiting from foreign currency depreciation since their costs are in local currencies.

London’s precious metal vaults showed modest declines in February, according to the London Bullion Market Association (LBMA). Gold holdings decreased by 0.68% to 8,477 metric tons, while silver holdings fell more significantly, dropping 4.5% to 22,462 tons compared to January’s levels. The LBMA, which regularly reports on London’s vault holdings, serves as a key authority for global precious metals markets.

India’s jewelry market, the world’s largest, is increasingly turning to gold options trading as prices hit record highs in 2025. Gold futures options on India’s Multi Commodity Exchange reached a daily turnover of 605 billion rupees ($7 billion) in February, capturing 26% of all options trading—their highest share since October 2021. Meanwhile, crude oil options, though still dominant, saw their share drop to 52% from over 70% last year. This shift stems largely from concerns about President Trump’s tariff policies, which have driven oil prices to six-month lows while boosting gold by more than 7% since January. According to market