Gold has climbed to a fresh record high as Donald Trump prepares to reveal details of his “Liberation Day” tariffs.
Bullion inched above $3,172 per ounce for the first time overnight, following a 1.4pc rise on Monday as uncertainty grips global markets and economies.
The surge comes after Donald Trump signalled a softer tone ahead of this week’s expected tariff announcement, saying the measures could be revealed “tomorrow night or probably Wednesday.”
“We’re going to be very nice, relatively speaking,” Trump said. “We’re going to be very kind.”
Investors sold stocks and turned to safe-haven assets at the start of the week after the US president said “all countries” would be impacted by his reciprocal tariffs on Wednesday.
Mr Trump’s trade war helped gold to its best quarter since 1986, having climbed in value by nearly a fifth since the start of the year.
Quasar Elizundia, a researcher at Pepperstone, said: “Gold begins the second quarter of the year from a historically strong position, supported by economic and geopolitical conditions that fully justify its current appeal.
“The main driver behind this exceptional gold rally is the growing concern over escalating trade and geopolitical tensions, largely fueled by recent decisions and warnings from US President Donald Trump.”
Markets remain shrouded in uncertainty as global investors await Donald Trump’s announcement of country-specific tariffs, expected tomorrow.
Dubbed “Liberation Day” by the president, the event is being jokingly referred to as “Demolition Day” by some in the City, reflecting growing unease. The lack of clarity triggered a broad sell-off across European and Asia-Pacific markets yesterday, as traders moved swiftly to reduce exposure and limit risk.
