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Gold steady near all-time high as Trump’s tariff plans stir inflation woes

by Riah Marton
in Technology
Gold steady near all-time high as Trump’s tariff plans stir inflation woes
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GOLD prices on Tuesday hovered near a record high scaled in the previous session, as investors remained anxious that US President Donald Trump’s reciprocal tariffs on all nations might fuel inflationary pressures and impede economic growth.

Spot gold held steady at US$3,125.34 an ounce, as of 0023 GMT, after hitting an all-time high of US$3,128.06 in the previous session.

US gold futures were up 0.3 per cent at US$3,160.00.

In the previous session, bullion recorded its strongest quarter since 1986 and soared to a historic high above US$3,100 per ounce in a rally, marking one of the most significant upswings in the precious metal’s history.

Trump, who sees tariffs as a way of protecting the domestic economy from unfair global competition, has promised to unveil a massive tariff plan on Wednesday, which he has dubbed “Liberation Day”. The reciprocal tariffs he is set to announce will include all nations.

Markets are also closely monitoring the automobile tariffs, which will take effect on April 3.

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Bullion, seen as a hedge against geopolitical and economic uncertainties, often thrives in a low-interest-rate environment.

New York Federal Reserve President John Williams said he cannot predict when the US central bank might change the current level of interest rates, keeping it in place “for some time” will allow officials to study incoming data and decide what they need to do next.

US data this week includes the job openings due later in the day, the ADP employment report on Wednesday, and non-farm payrolls report on Friday that could provide insights into the Fed’s rate-cut trajectory.

Spot silver edged 0.1 per cent higher to US$34.09 an ounce, platinum firmed 0.4 per cent to US$996.40 and palladium gained 0.7 per cent to US$989.73. REUTERS

Tags: AllTimeGoldHighinflationPlansSteadyStirTariffTrumpswoes
Riah Marton

Riah Marton

I'm Riah Marton, a dynamic journalist for Forbes40under40. I specialize in profiling emerging leaders and innovators, bringing their stories to life with compelling storytelling and keen analysis. I am dedicated to spotlighting tomorrow's influential figures.

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