Gold futures rose 0.2% to $3,382.60 per troy ounce as investors sought safe-haven assets amid growing market uncertainty.
The metal’s advance is driven by two major developments: President Trump’s recent executive order that doubles tariffs on steel and aluminum, and heightened geopolitical tensions between Russia and Ukraine. Both factors have pushed investors toward traditionally safer stores of value.
Central bank buying also continues to underpin prices. Official data show central banks added 12 metric tons to global reserves in April, providing ongoing support for bullion, although that monthly addition was about 12% lower than in March.
Other industrial metals gained ground as well. Copper prices climbed, preserving roughly a 10% year-to-date gain despite lingering trade concerns—support came from supply disruptions in major producing regions such as Chile and the Democratic Republic of Congo. Aluminum also saw price increases, reflecting the broader risk-off sentiment and supply-side pressures in global markets.
Overall, a combination of trade policy shifts, geopolitical risk, and central bank reserve activity has helped lift precious and industrial metal markets as investors reassess risk and portfolio allocation.