The price of gold continues to climb to new all-time highs this week as markets brace for the latest announcement on tariffs from President Trump.
In USD, gold jumped to an incredible $3,150 per ounce ($101.30 per gram) before pulling back on some profit-taking, and has made gains of roughly 20% in Q1 of 2025, the metal’s best performance in decades for that period. In GBP gold passed £2,400 for the first time to set a new UK record so far of £2,436.89. In Euros, gold hit a high of €2,912.14 per ounce.
Markets are on edge ahead of today's anticipated tariff announcements as President Trump prepares to unveil new measures on what he’s dubbed ‘Liberation Day’. Stock markets have pulled back, and fears of a global recession continue to mount as investors brace for further disruptions to international trade and production.
Canada and the EU have already promised retaliatory measures to the tariffs, while the UK hopes to negotiate exemptions but have reserved the right to respond if needed. Liberation Day will simply mark another moment in the trade war, but further tariffs are likely in the weeks ahead. Trump’s track record of eleventh-hour reversals also adds to the uncertainty, and it is unclear how far the President will go today, and what options there will be for the tariffs to be avoided.
The ongoing rally in the gold price is being driven by a combination of central bank buying, ETF inflows, and strong physical investment demand. This has prompted analysts at Morgan Stanley, Citi, and Goldman Sachs to raise their forecasts recently, projecting gold could reach $3,200 to $3,500 in the months ahead.
Further volatility is expected later today when the full scope of the tariffs is confirmed, and markets assess potential global responses. Gold continues to break through milestones at a rapid pace however, and is once again proving its value as a reliable asset in uncertain times.