HONG KONG: Gold prices hit a record peak yesterday, as concerns that US President Donald Trump’s reciprocal tariffs might fuel inflationary pressures and impede economic growth drove safe-haven demand.
Spot gold was up 0.6% at US$3,142.83 an ounce at the time of writing, after hitting an all-time high of US$3,145.38 earlier in the session. US gold futures rose 0.7% to US$3,171.80. In the previous session, bullion recorded its strongest quarter since 1986, marking one of the most significant upswings in the precious metal’s history.
“The anticipation of today’s reciprocal tariffs has led market participants to lean towards a defensive stance, with some de-risking and turning to safe-haven gold as a hedge against impending portfolio volatility,” IG market strategist Yeap Jun Rong said. — Reuters
