Gold briefly hit a record intraday high of $3,167.84 on Thursday before reversing course as markets reacted to President Trump’s announcement of broad “reciprocal” tariffs. The initial surge, which lifted prices by about 1.1%, faded as investors sold assets across markets to raise cash, leaving spot gold down roughly 0.3% at $3,125.09 by the close of the trading session.
The tariff plan — reportedly including a 54% rate on Chinese imports and a 20% rate on goods from the European Union — triggered sharp equity selloffs across Asia and Europe, prompting portfolio rebalancing and short-term liquidity needs. Those moves pressured safe-haven flows and contributed to the pullback from gold’s earlier peak.
Still, gold has advanced roughly 20% so far this year, supported by sustained central bank buying and robust demand from Asian consumers and investors. Analysts at Deutsche Bank and other market observers have pointed to continued central bank purchases and regional demand as key structural drivers that should keep underlying support under the metal.
Notably, gold itself was not included in the new tariff measures, but other precious metals felt the market-wide sting. Silver dropped about 2.4% and several other metals slipped amid growing concerns that aggressive trade measures could slow global growth and weigh on industrial and investment demand for commodities.
In sum, while trade-policy shocks produced immediate volatility and a brief reversal from gold’s record intraday high, longer-term drivers such as central bank accumulation and strong Asian demand remain central to the market’s outlook.