Gold Prices Hit Record $3,175 Amid Trump’s Tariff Tensions

Gold prices jumped by 3% to hit $3,175.07 an ounce, crossing its earlier record set this month. This increase came after rising concerns about US President Donald Trump's new tariff policies and their effect on the global economy.

US gold futures also surged by 3.2%, ending at $3,177.5, while other precious metals like silver, platinum, and palladium saw minor drops.

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Why Are Gold Prices Going Up?

Investors are moving towards safe-haven assets like gold because of the uncertainty caused by the US government's trade decisions.

According to UBS Global Wealth Management, the next big push for gold might come when the Federal Reserve steps in with new economic measures.

Stock Market Takes a Hit

US stock markets fell sharply on Thursday. The S&P 500 dropped 5.8%, and the Dow Jones lost over 1,700 points. The Nasdaq also saw a 5.8% fall.

Market experts say investors are realizing that the trade war between US and China might get worse before it gets better.

Trump's Tariff Pause – But Not for China

On April 9, Donald Trump temporarily paused his tariff plans for most countries, but not for China. In fact, he raised tariffs on Chinese goods to 125%, and added another 20% tariff due to fentanyl-related issues. This brings the total tariff to 145% on Chinese imports.

China responded by saying the US actions are unfair and harmful to global trade rules.

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