Safe-haven gold races to record highs after Trump’s tariff threats – CNBC
Credit CardsLoansBankingMortgagesInsuranceCredit MonitoringPersonal FinanceSmall BusinessTaxesHelp for Low Credit ScoresInvestingSELECTAll Credit CardsFind the Credit Card for YouBest Credit CardsBest Rewards Credit CardsBest Travel Credit CardsBest 0% APR Credit CardsBest Balance Transfer Credit CardsBest Cash Back Credit CardsBest Credit Card Welcome BonusesBest Credit Cards to Build CreditSELECTAll LoansFind the Best Personal Loan for YouBest Personal LoansBest Debt Consolidation LoansBest Loans to Refinance Credit Card DebtBest Loans with Fast FundingBest Small Personal LoansBest Large Personal LoansBest Personal Loans to Apply OnlineBest Student Loan RefinanceSELECTAll BankingFind the Savings Account for YouBest High Yield Savings AccountsBest Big Bank Savings AccountsBest Big Bank Checking AccountsBest No Fee Checking AccountsNo Overdraft Fee Checking AccountsBest Checking Account BonusesBest Money Market AccountsBest CDsBest Credit UnionsSELECTAll MortgagesBest MortgagesBest Mortgages for Small Down PaymentBest Mortgages for No Down PaymentBest Mortgages with No Origination FeeBest Mortgages for Average Credit ScoreAdjustable Rate MortgagesAffording a MortgageSELECTAll InsuranceBest Life InsuranceBest Homeowners InsuranceBest Renters InsuranceBest Car InsuranceTravel InsuranceSELECTAll Credit MonitoringBest Credit Monitoring ServicesBest Identity Theft ProtectionHow to Boost Your Credit ScoreCredit Repair ServicesSELECTAll Personal FinanceBest Budgeting AppsBest Expense Tracker AppsBest Money Transfer AppsBest Resale Apps and SitesBuy Now Pay Later (BNPL) AppsBest Debt ReliefSELECTAll Small BusinessBest Small Business Savings AccountsBest Small Business Checking AccountsBest Credit Cards for Small BusinessBest Small Business LoansBest Tax Software for Small BusinessSELECTAll TaxesFiling For FreeBest Tax SoftwareBest Tax Software for Small BusinessesTax RefundsTax BracketsTax TipsTax By StateTax Payment PlansSELECTAll Help for Low Credit ScoresBest Credit Cards for Bad CreditBest Personal Loans for Bad CreditBest Debt Consolidation Loans for Bad CreditPersonal Loans if You Don’t Have CreditBest Credit Cards for Building CreditPersonal Loans for 580 Credit Score or LowerPersonal Loans for 670 Credit Score or LowerBest Mortgages for Bad CreditBest Hardship LoansHow to Boost Your Credit ScoreSELECTAll InvestingBest IRA AccountsBest Roth IRA AccountsBest Investing AppsBest Free Stock Trading PlatformsBest Robo-AdvisorsIndex FundsMutual FundsETFsBondsGold prices continued their record rally on Monday and broke through the key $2,900 level for the first time, driven by safe-haven demand as U.S. President Donald Trump’s new tariff threats amplified trade war and inflation concerns.Spot gold surged 1.5% to $2,903.53 per ounce after hitting a record high of $2,911.30 earlier in the session. U.S. gold futures jumped 1.6% to $2,934.3.”Obviously the tariff war is behind the rise; it just reflects more uncertainty and more tension in the global trade situation,” said Marex analyst Edward Meir.Trump announced plans on Sunday to impose an additional 25% tariff on all steel and aluminium imports. He also said he would announce reciprocal tariffs this week, matching rates imposed by other countries and applying them immediately.Tariffs may exacerbate U.S. inflation, with investors awaiting U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data due later in the week.If the CPI and PPI data surprise on the downside, it may weigh on the dollar and inflate gold prices, while an upside surprise could push up U.S. yields and strain gold, albeit mildly due to the market’s resilience and buyer interest during dips, Meir said.Federal Reserve Chair Jerome Powell is also due to testify before Congress on Tuesday and Wednesday.Bullion has already hit its seventh record high this year, driven by Trump’s tariff threats, which have fueled uncertainty over global growth, trade wars, and high inflation, prompting investors turn to gold as a safe-haven asset.Phillip Streible, chief market strategist at Blue Line Futures, said gold’s 45-degree rally since December might create a self-fulfilling prophecy of further price increases, potentially leading it to raise its forecast to around $3,250 or $3,500.Spot silver rose 0.8% to $32.07 per ounce after hitting a three-month high on Friday.Platinum added 1.9% to $994.55 and palladium gained 1.8% to $981.83.Got a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2025 CNBC LLC. All Rights Reserved. A Division of NBCUniversal
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