Gold prices soared to a new record high of $3,159.48 an ounce after former U.S. President Donald Trump announced a sweeping set of “reciprocal” tariffs, triggering fresh concerns over a potential global economic slowdown. The announcement, made in a Rose Garden address on Wednesday, outlined a minimum 10% tariff on all imports to the United States, with even steeper levies for countries deemed to have significant trade imbalances with the U.S. The 10% could affect exports from Ghana.
According to a White House fact sheet, bullion is exempt from the new tariffs, a move that likely strengthened gold’s appeal as a safe haven asset. In early Thursday trading in Asia, spot gold jumped 0.8%, building on Wednesday’s 0.7% gain.
The new tariff regime hits China with a 34% rate, the European Union with 20%, and Vietnam with a steep 46%, marking one of the most aggressive protectionist moves in recent history.
Gold has already gained over 20% this year, buoyed by aggressive central bank purchases and strong demand in Asia. But with the prospect of rising trade barriers and economic instability, investor appetite for the yellow metal has intensified, reinforcing its status as a hedge against uncertainty.
As one of the few commodities to escape the tariff net, gold now stands alone, glittering not just in jewelry shops and vaults, but as a symbol of global economic anxiety.
