Gold Hits All-Time High as Investors Seek Safe Haven

The precious metals market witnessed a significant surge on Monday, with gold reaching an unprecedented all-time high of $3,120. This dramatic increase is attributed to growing concerns over escalating international trade tensions, fueled by US President Donald Trump's announcement of new reciprocal tariffs set to be introduced on April 2.

Trade Tensions and Sanctions Fuel Market Anxiety

Adding to the market's unease, President Trump has threatened to impose severe financial sanctions on Russian oil imports unless a ceasefire agreement in Ukraine is reached within the next month. His indifference to potential price hikes in foreign automakers due to tariffs has further intensified the rally in precious metals.

Market Performance at a Glance

At 5:24 am ET, gold was up by 1.30%, trading at $3,123.21. Silver also saw an increase of 0.86%, reaching $34.39, while platinum and palladium gained 0.78% and 0.94%, respectively, trading at $993.32 and $970.19.