Gold prices rose to a new record today, Tuesday, with investors’ demand for safe haven after US President Donald Trump imposed customs duties by 25% on steel and aluminum imports, which raised fears of a trade war and exacerbation of inflation.
In morning trading, gold in instant transactions increased to a record level at $ 2942.70 before cutting its gains. Gold is traded until this report is written at $ 2905 an ounce.
And US gold futures increased 0.3% to $ 2944.10 before declining slightly. Futures are traded – until this report is written – at $ 2931 an ounce.
On Monday, Trump decided to increase customs duties on steel and aluminum imports to 25% “without exceptions or exemptions”, in a move aimed at helping the two faltering industries, but it increases the risk of a commercial war on multiple fronts.
The metal, which is a safe haven, has scored the eighth standard to date in 2025 due to the customs duties imposed by Trump, which fueled the state of fog about global growth, fears of trade war and inflation pressure.
Pressure
“The risk of the outbreak of a global trade war imposes pressure on gold trading … it seems that buyers are somewhat sensitive to prices because traders do what they can to ship gold to the United States to avoid any possible customs duties imposed. On the metal.
The customs duties threats extended another wave of rush towards buying gold, bringing its price closer to the threshold of 3 thousand dollars.
Trump’s customs duties may exacerbate inflation in the United States, while investors are awaiting the issuance of US consumer price index data tomorrow, Wednesday, and the product price index on Thursday.
The President of the Federal Reserve (US Central Bank) is scheduled to testify to Congress on Tuesday and Wednesday.
As for other precious metals:
- Silver in instant transactions fell 0.8% to $ 31.8 an ounce. “At a time when fears about silver customs duties may support, the gains may be limited due to the low industrial demand in the face of Trump customs duties,” said Lukman Autonoja, the great research analyst at FXTM.
- Platinum fell 0.5% to 984.4 dollars.
- Palladium fell 0.4% to 975.6 dollars.
