Gold hit a new record high of $3,164 per ounce as concerns over risk increased following President Trump’s tariff announcement.
Trump set a 10% baseline tariff on imports from all countries, with higher tariffs for nations with trade surpluses. These include China (34%), the EU (20%), and Japan (24%), along with a 25% tariff on foreign-made vehicles.
According to Trump, the actions would lower trade deficits and increase domestic manufacturing.
Gold was also helped by central bank purchases, expectations of rate cuts, and high demand for ETFs backed by gold, with China’s ETF contributing 233,000 ounces.
Investor attention is now focused on Friday’s nonfarm payrolls in hopes of gaining more insight into the Fed’s policy outlook due to weak U.S. jobs data and a dismal manufacturing report.
