Gold prices reached an all-time high in Asian trading on Tuesday as investors sought the safety of bullion ahead of expected tariff announcements by President Trump. At 02:05 ET (06:05 GMT), spot gold climbed 0.7% to $3,148.10 per ounce—its highest level ever—while June Gold Futures gained 0.3% to $3,158.10 per ounce. This marks the fourth consecutive session of record highs for the yellow metal.
Tariff Uncertainty Boosts Gold’s Appeal
Investor concerns about a new round of “reciprocal tariffs” are fueling gold’s safe-haven appeal. Trump is set to announce a series of tariffs on April 2 at 15:00 ET (19:00 GMT), with measures including a 25% levy on auto imports and reinstated tariffs on Canada and Mexico. These moves are designed to address trade imbalances and counter what Trump describes as unfair trade practices. With such significant trade policy uncertainty—and the U.S. dollar remaining largely unchanged—the shift toward gold is unsurprising.
Other Metals and Industrial Data
While gold soared, other precious metals showed mixed performance:

Platinum Futures slipped 0.6% to $1,022.75 per ounce.

Silver Futures edged up 0.3% to $34.715 per ounce.

In contrast, copper prices gained traction on Tuesday. Improved Chinese factory data boosted sentiment as China’s Caixin Manufacturing PMI for March climbed to 51.2—the highest since December 2024. This uptick in industrial activity helped push:

London Metal Exchange Copper Futures up 0.5% to $9,758.10 per ton.

May Copper Futures increased 0.3% to $5.0665 per pound.

For real-time insights and detailed market data on these commodity trends, you can explore the Commodities API.