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Gold extended its gains for a second consecutive session on Tuesday, rising 0.9% to $2,919.44 an ounce as investors flocked to safe-haven assets amid escalating global trade tensions.
President Trump’s implementation of 25% tariffs on Mexican and Canadian imports, along with doubling duties on Chinese goods to 20%, triggered immediate retaliation from China through additional tariffs and new export restrictions.
This trade conflict, described by BullionVault’s head of research as “Trump 2.0 delivering exactly the chaos he promised,” has bolstered gold’s appeal as an “all-weather hedge” for both Western investors and emerging-market central banks. Gold has gained 10% this year, reaching a record high of $2,956.15 on February 24.
