Gold Prices Hit Record High

In a dramatic turn of events, gold prices have surged to a new all-time high, marking a significant 1.12% increase to $2,892.20 per ounce. This unprecedented rise comes in the wake of President Donald Trump's announcement of a new global 25% tariff on all aluminum and steel imports, signaling a shift in international trade policies.

Investors Turn to Safe-Haven Assets

Amidst the uncertainty and potential for increased market volatility, investors are flocking to safe-haven assets. The announcement, made during discussions with Japanese Prime Minister Shigeru Ishiba, has prompted a reevaluation of investment strategies, with gold leading the charge as a preferred option for those looking to safeguard their investments.

Impact on Other Precious Metals

While gold has captured the spotlight, other precious metals have also seen upticks in their value. Silver experienced a 0.60% rise, selling for $32.05 per ounce, whereas platinum and palladium saw modest increases of 0.30% and 0.04% respectively. These movements underscore the broader implications of the new tariffs on the commodities market.