Gold sets new record again - How price changed after Trump's new tariffs
Photo: According to Goldman Sachs' forecast, gold's growth will continue (Getty Images)
On Thursday, the price of gold hit a record high. The increase followed the announcement of new tariffs on cars by US President Donald Trump, according to Reuters.
The starting price of gold rose by 1.2% to $3057.12 per ounce at 11:17 AM Eastern Time (5:17 PM Kyiv time) after reaching an all-time high of $3059.30. This marked the 17th record high in 2025.
Reuters added that US gold futures rose by 1.3% and closed at $3061, also hitting an all-time high of $3071.30 during the session.
"Looks like we're going to see (gold futures hit) $3,100 here shortly, and the main catalyst is safe-haven buying," driven by uncertainty around Trump's tariff plans, said Bob Haberkorn, senior market strategist at RJO Futures.
After Trump announced a 25% tariff on imported cars, governments from Ottawa to Paris threatened retaliatory measures. The tariffs on cars will take effect on April 2, the day after Trump announces mirror tariffs on countries he believes contribute most to the US trade deficit.
"Global stock markets fell as shares in some of the world's biggest carmakers tumbled," Reuters reports.
The agency also notes that gold is traditionally seen as a safeguard against economic and political uncertainty, and it often thrives in conditions of low interest rates.
On Wednesday, Goldman Sachs raised its gold price forecast for the end of 2025 from $3100 to $3300 per ounce, citing stronger demand from exchange-traded funds and central banks.
