Gold Reaches New Heights Amid Trade War Fears

As global trade tensions escalate, gold prices have soared to an unprecedented peak. This surge comes in the wake of President Donald Trump's announcement of new tariffs on major US trading partners, including Mexico, Canada, and China. The decision has sparked widespread concern over a potential global trade war, driving investors towards the safety of gold.

Impact of Tariffs on Global Markets

Trump's imposition of a 25% tariff on imports from Mexico and Canada, alongside a 10% tariff on Chinese goods, has sent shockwaves through international markets. The President's warning that these tariffs could intensify if the affected countries retaliate has only added to the uncertainty. Furthermore, the threat of tariffs against the European Union has heightened fears of a full-blown trade conflict.

Market Reactions and Precious Metals Performance

At 9:43 am ET, gold prices increased by 0.68%, reaching $2,818.46 per ounce, marking a new all-time high. Silver also saw a modest rise of 0.13%, trading at $31.34 per ounce. In contrast, platinum experienced a significant drop of 2.13%, selling for $963.97 per ounce, while palladium rose by 1.72% to $1,004.34 per ounce.