Gold Hits New All-Time High

In a remarkable turn of events, the price of gold surged to a new all-time high on Monday, following an announcement by United States President Donald Trump regarding a new global 25% tariff on all aluminum and steel imports.

Investors Turn to Safe-Haven Assets

President Trump revealed that the new tariffs would be imposed immediately, without specifying their effective date. This announcement, made during a conversation with Japanese Prime Minister Shigeru Ishiba, also hinted at reciprocal tariffs against foreign countries in the coming days. This move has led investors to seek refuge in safe-haven assets, significantly impacting the precious metals market.

Market Reaction

As a result, gold prices climbed by 1.12% to $2,892.20 per ounce at 1:48 am ET. Similarly, silver saw a 0.60% increase, reaching $32.05 per ounce. Platinum and palladium also experienced gains, with platinum selling for $985.33 per ounce and palladium for $963.47 per ounce at around the same time.