Gold futures climbed 0.2% to $3,382.60 per troy ounce as investors seek safety amid market uncertainty.
The precious metal is benefiting from two main factors: President Trump’s new executive order doubling steel and aluminum tariffs, and escalating tensions between Russia and Ukraine.
Central banks continue to support gold prices, adding 12 metric tons to global reserves in April, though this represents a 12% decrease from March.
Meanwhile, copper and aluminum prices also rose, with copper maintaining a 10% gain year-to-date despite trade concerns, supported by supply disruptions in Chile and Congo.