Gold prices continued their upward trend on Tuesday, rising 0.3% to $3,219.99 an ounce after hitting an all-time high of $3,245.42 on Monday. This surge comes as investors increasingly turn to gold as a safe-haven asset amid growing concerns about US President Donald Trump’s proposed tariffs, particularly on semiconductors and pharmaceuticals.
The Federal Reserve is maintaining a cautious approach until there’s more clarity on tariffs, with traders expecting 83 basis points in rate cuts this year. Gold’s appeal as a hedge against global instability has driven its value up 23% in 2025, with Chinese gold ETF investments recently surpassing US-listed funds.