Gold prices reached a new high on Thursday(local time) after President Donald Trump's declaration of new tariffs against most US trading partners.
Gold surged past its previous record around 2300 GMT, climbing above $3,150 an ounce as investors sought refuge in the precious metal amid declining stock market futures.
Gold trading continued its upward trajectory, reaching approximately $3,160 per ounce at 2345 GMT.
As of 0018 GMT, spot gold was up 0.4% at $3,145.93 an ounce, after hitting a record high of $3,167.57 earlier in the session.
Gold prices have risen nearly 20% since the start of 2025.
At the White House Rose Garden, Trump presented a chart detailing extensive measures, introducing particularly severe tariffs on major trading partners China and the European Union on what he termed "Liberation Day."
Trump directed the most substantial penalties towards what he described as "nations that treat us badly," implementing 34 %on Chinese goods, 20 %on European Union imports, and 24 %on Japanese products.
The presented chart indicated India's 52 per cent tariffs "including currency manipulation and trade barriers," against which the US would implement a "discounted reciprocal tariff" of 26 per cent.
Trump announced a "baseline" tariff of 10 %for remaining nations, including Britain.
Global financial markets experienced disruption following Trump's announcement of comprehensive tariffs, particularly targeting China and the European Union, potentially compromising the economic statbility.
The US president revealed these measures after Wall Street's closing bell, but the news still impacted open markets, pushing stock futures and bond yields lower, while gold prices achieved new records.
Later that evening, US futures declined, with the Dow Jones decreasing 2.4% at approximately 2345 GMT, Nasdaq dropping 4.2%, and S&P 500 futures falling 3.5%.
Trump's recent trade announcements have consistently negatively affected Wall Street.
Technology companies relying on foreign-manufactured components experienced sharp declines, with Apple decreasing 7.4% after-hours, Nvidia falling 5.2%, and TSMC dropping 5.9%.
Futures markets typically demonstrate greater volatility compared to standard indices.
The clothing industry took a major hit, with Chinese products set for a 34% additional duty from April 9 and Vietnamese goods facing a new 46% "reciprocal" tariff.
Companies manufacturing in China or Vietnam experienced substantial declines, with Gap dropping 8.5 % after hours, Ralph Lauren declining 7.3%, and Nike falling 7.1%.
The dollar depreciated over one percent against the euro moments after Trump's initial statement, while Bitcoin dropped over 3% in the evening after the announcements.
Gold surged past its previous record around 2300 GMT, climbing above $3,150 an ounce as investors sought refuge in the precious metal amid declining stock market futures.
Gold trading continued its upward trajectory, reaching approximately $3,160 per ounce at 2345 GMT.
As of 0018 GMT, spot gold was up 0.4% at $3,145.93 an ounce, after hitting a record high of $3,167.57 earlier in the session.
Gold prices have risen nearly 20% since the start of 2025.
At the White House Rose Garden, Trump presented a chart detailing extensive measures, introducing particularly severe tariffs on major trading partners China and the European Union on what he termed "Liberation Day."
Trump directed the most substantial penalties towards what he described as "nations that treat us badly," implementing 34 %on Chinese goods, 20 %on European Union imports, and 24 %on Japanese products.
The presented chart indicated India's 52 per cent tariffs "including currency manipulation and trade barriers," against which the US would implement a "discounted reciprocal tariff" of 26 per cent.
Trump announced a "baseline" tariff of 10 %for remaining nations, including Britain.
Global financial markets experienced disruption following Trump's announcement of comprehensive tariffs, particularly targeting China and the European Union, potentially compromising the economic statbility.
The US president revealed these measures after Wall Street's closing bell, but the news still impacted open markets, pushing stock futures and bond yields lower, while gold prices achieved new records.
Later that evening, US futures declined, with the Dow Jones decreasing 2.4% at approximately 2345 GMT, Nasdaq dropping 4.2%, and S&P 500 futures falling 3.5%.
Trump's recent trade announcements have consistently negatively affected Wall Street.
Technology companies relying on foreign-manufactured components experienced sharp declines, with Apple decreasing 7.4% after-hours, Nvidia falling 5.2%, and TSMC dropping 5.9%.
Futures markets typically demonstrate greater volatility compared to standard indices.
The clothing industry took a major hit, with Chinese products set for a 34% additional duty from April 9 and Vietnamese goods facing a new 46% "reciprocal" tariff.
Companies manufacturing in China or Vietnam experienced substantial declines, with Gap dropping 8.5 % after hours, Ralph Lauren declining 7.3%, and Nike falling 7.1%.
The dollar depreciated over one percent against the euro moments after Trump's initial statement, while Bitcoin dropped over 3% in the evening after the announcements.
You may also like
PM Modi showcases India's spiritual legacy worldwide
'Panchayat 4' is arriving soon! When and where to watch superhit OTT series
Centre announces 2 key reforms to simplify EPFO claim settlement process
Reese Witherspoon passes baton to Lexi Minetree for prequel series 'Elle'
Marsh Needs To Take Decision On Red-ball Cricket And Bowling Future, Says Johnson
