Gold hits record high of over $3,100 as Trump tariffs boost safe-haven asset demand

Gold started the week with a fresh record high, ahead of President Donald Trump’s expected latest tariff barrage that’s heightened concerns of a global trade war.

Bullion gained as much as 0.9% to top $3,115 an ounce, beating the previous all-time high set on Friday when it recorded a fourth weekly gain, with prices supported by growing haven demand amid a risk-off mood for markets. Trump last week signed a proclamation to slap a 25% tariff on auto imports, while traders also bracing for the White House’s so-called reciprocal tariffs due Wednesday.

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Gold is up about 18% this year in a run that’s seen it clinch at least 15 all-time highs. The rally has been fueled by central-bank buying and haven demand amid rising geopolitical and macro uncertainties. Those drivers have supported prices even as swaps traders have pared bets on Federal Reserve easing this year to two quarter-point rate cuts. Lower rates tend to benefit non-yielding bullion.

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Several major banks have raised their price targets for the precious metal, with Goldman Sachs Group Inc. this month ramping up its forecast to $3,300 an ounce by year-end. The lender cited higher-than-expected central bank demand and strong inflows into bullion-backed exchange traded funds.

Spot gold was trading at $3,111.44 an ounce as of 1:35 p.m. in Singapore. The Bloomberg Dollar Spot Index eased 0.1%. Silver, platinum and palladium gained.

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