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Gold briefly touched a record high of $3,167.84 on Thursday before reversing course amid market turmoil triggered by President Trump’s announcement of extensive “reciprocal” tariffs.
While initially climbing 1.1%, gold later fell 0.3% to $3,125.09 as investors sold assets across markets to raise cash. Trump’s tariff announcement, which includes a 54% rate on Chinese imports and 20% on EU goods, sparked significant selloffs in equity markets throughout Asia and Europe.
Gold’s 20% rise this year has been fueled by central bank purchases and strong Asian demand, with analysts at Deutsche Bank expecting these trends to continue.
Gold itself was exempted from the new tariffs, unlike silver, which fell 2.4%, and other precious metals that declined on concerns about negative impacts on global growth.
