When President Donald Trump imposed a 25% tariff on all steel and aluminum imports to the United States, demand for safe-haven assets surged, driving gold prices past $2,900 per ounce to a new record high.
On Monday afternoon, gold futures on the New York Mercantile Exchange (COMEX) were trading at $2,933.60 per ounce, up 1.59% from the previous session. Earlier in the day, prices had reached $2,937.
This marks the first time gold futures have surpassed the $2,900 threshold.
Market analysts attribute the rally to expectations of rising U.S. inflation due to Trump’s tariffs. As a result, gold—traditionally seen as a safe-haven asset—is increasingly viewed as a hedge against inflation.
Industry experts widely agree that if Trump continues his tariff policies, it may only be a matter of time before gold futures break the $3,000 per ounce mark.
After soaring 27% last year, gold has already gained about 10% this year.
