Gold climbed to a fresh all-time high of $2,946.85 per ounce, marking the ninth record set this year as investors reacted to President Trump’s threats to levy 25% tariffs on automobiles, semiconductors and pharmaceuticals.
Analysts say the move reflects rising safe-haven demand, and many expect prices to test the $3,000 level if geopolitical and trade tensions persist. UBS analyst Giovanni Staunovo points to ongoing central bank purchases and portfolio diversification as a steady source of support for bullion, while traders also await the Federal Reserve’s January meeting minutes for guidance on future interest-rate policy that could influence gold’s appeal.
Silver has likewise shown upside potential, although the metal’s sensitivity to industrial demand means tariffs on manufacturing and technology sectors could temper some of its gains. Still, with heightened risk sentiment and continued central-bank activity, both precious metals are attracting renewed interest from investors seeking protection against market volatility and currency uncertainty.