Gold prices eased 0.5% to $3,119.09 on Thursday after earlier touching an intraday record of $3,167.57, following President Trump’s announcement of broad new import tariffs. The initial reaction pushed the metal to fresh highs, but prices retreated as traders weighed the longer-term impact of the measures.
Even with the pullback, gold remains up about 19% year-to-date in 2025. The metal’s strong performance reflects a mix of economic uncertainty, geopolitical tensions, continued central bank buying, and growing investment flows into gold-backed exchange-traded funds. These factors have underpinned demand for gold as a hedge against market volatility and potential inflationary pressures.
Trump’s tariff plan has rattled global markets, raising concerns about slower growth and higher prices, but the measures contain notable exemptions. The announced tariffs do not apply to gold, copper, energy products, and certain minerals that the United States cannot readily source domestically. Those exclusions have helped limit some of the immediate disruption in commodity markets.
Market participants are now watching for further policy details and any additional steps from governments or central banks that could influence investor sentiment. While tariffs can increase costs and complicate trade flows, the continued appetite for gold suggests many investors remain focused on preserving value amid uncertain economic and geopolitical outlooks.