Gold prices soared to an all-time high on Tuesday, April 1, 2025, as worries over U.S. President Donald Trump’s upcoming reciprocal tariffs sparked fears of rising inflation and sluggish economic growth, pushing folks toward the safety of this shiny metal.
By 0310 GMT, spot gold climbed 0.6% to $3,142.83 an ounce after peaking at a record $3,145.38 earlier that day. U.S. gold futures also jumped 0.7%, hitting $3,171.80. Just yesterday, gold wrapped up its best quarter since 1986, a massive leap that’s one of the biggest in its history.
“Everyone’s bracing for Trump’s April 2 tariff announcement. It’s got markets on edge, with people pulling back from risk and piling into gold to shield their portfolios from the chaos that might follow,” said Yeap Jun Rong, a strategist at IG. “Sure, the charts hint gold’s stretched a bit, but with all this tariff uncertainty, it’s holding strong.
Buyers might even push it to $3,200 soon.”
Trump, a big believer in tariffs to shield U.S. jobs from global rivals, is set to roll out a sweeping tariff plan on Wednesday, calling it “Liberation Day.” These reciprocal tariffs will hit every country, with no exceptions. Markets are especially tuned into the auto tariffs, which kick in on April 3.
Gold’s a go-to when the world feels shaky think wars or economic wobbles\ and it loves low interest rates. The New York Fed President John Williams said that sticking with current rates “for a while” gives the Fed time to sift through data and plot their next move.
This week’s U.S. numbers, like job openings today, Wednesday’s ADP jobs report, and Friday’s non-farm payrolls, could hint at where the Fed is headed with rate cuts. Spot silver nudged up 0.2% to $34.13 an ounce, platinum held steady at $992.70, and palladium rose 0.8% to $990.34.