Gold'srecord run extended to another all-time high on Tuesday, buoyed by safe-haven demand as investors brace for U.S.
President Donald Trump'splanned announcement on reciprocal tariffs.
Spot gold was up 0.3% at $3,131.56 an ounce at 0914 GMT, after hitting a record high of $3,148.88 earlier, Reuters reported.
U.S.
gold futures were 0.3% higher at $3,159.10.
&Trump'stariff comments and his increasingly volatile stance on Russia'swar against Ukraine are proving the perfect chaos for new record gold prices,& surpassing even the COVID pandemic five years ago, said Adrian Ash, head of research at online marketplace BullionVault.
Trump said on Sunday his reciprocal tariffs to be announced on Wednesday would include all countries, rather than a limited number.
Goldman Sachs on Monday raised the probability of a U.S.
recession to 35% from 20% and said it expected more rate cuts by the Federal Reserve, as Trump'stariffs roil the global economy and upend financial markets.
Gold, traditionally seen as a hedge against uncertainty and inflation, has risen more than 15% this year.
Non-yielding bullion also tends to do well in a low interest rate environment.
&The market is watching April 2 closely for further economic indicators that could impact Federal Reserve policy decisions.
If rate cuts are confirmed, this would provide additional support for gold'supward trajectory,& said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.
Bullion'srally this year has also been supported by strong demand from central banks, geopolitical instability in the Middle East and Europe, and increased flows into gold-backed exchange-traded funds.
In the last session, gold closed out its strongest quarter since 1986, and climbed over $3,100/oz, marking one of the most significant upswings in the precious metal'shistory.
Investors will also monitor U.S.
job openings data later on Tuesday and the U.S.
non-farm payrolls report on Friday.
Silver steadied at $34.06 an ounce, platinum fell 0.4% to $988.35, and palladium gained 0.3% to $985.86.
The post Gold climbs to record high as tariff worries bolster safe-haven demand first appeared on TINS News.