NEW YORK, USA – Global investors are rapidly shifting their portfolios toward safe-haven assets, pushing gold prices to an all-time high of $3,317.90 per ounce, following comments from former U.S. President Donald Trump about imposing new tariffs on critical mineral imports. The surge comes amid growing fears of renewed trade tensions with China, the world’s dominant supplier of rare earths and strategic materials.
According to Reuters via TASR, spot gold prices climbed 2.7% by 10:25 CET on Wednesday, reaching $3,231.54 per ounce before hitting a record-breaking intraday high.
“Trump’s trade war shows no signs of cooling down,” said Ole Hansen, chief commodity strategist at Saxo Bank. “His directive to review tariffs on critical minerals, semiconductors, and pharmaceuticals has triggered a fresh flight to safety—away from equities and into gold.”
The new trade move by Trump, issued on April 15, instructs the U.S. Department of Commerce to evaluate the imposition of tariffs on all critical mineral imports, as a way to pressure China. The directive follows ongoing investigations into semiconductor chips, manufacturing equipment, and pharmaceutical imports—industries deemed vital to U.S. national security.
The announcement escalates already heightened trade tensions and has led to a sharp market reaction, particularly in the commodities sector. Investors, wary of potential supply chain disruptions and geopolitical instability, are now hedging risks by pouring capital into gold and other traditionally safe investments.
Economists warn that additional tariffs could strain U.S.-China relations further and contribute to volatility in global markets, particularly if China retaliates with its own restrictions on exports.
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