Gold retreats after hitting all-time high on Trump tariffs

Gold prices took a breather on Thursday after surging to yet another all-time high following U.S. President Donald Trump’s announcement of sweeping import tariffs, which drove investors to the safe-haven asset.

Spot gold was down 1.4% to $3,090.00 at 1130 GMT amid some profit-taking, having hit a record peak of $3,167.57 earlier in the day. U.S. gold futures were down 1.7% to $3,111.40.

Gold has continued to build on last year’s rally, with prices rising 18% in 2025 as a combination of factors – including economic and geopolitical uncertainties, robust central bank purchases and increased flows into gold-backed exchange-traded funds – supported the metal.

“Weaker trade, higher input costs and shrinking margins are badly hurting the stock market, while geopolitical mistrust is deepening,” said Adrian Ash, director of research at BullionVault.

“Such a gloomy outlook for economic growth offers the perfect backdrop for further gains in gold.”

Read more: Gold prices hit record high

Trump on Wednesday unveiled plans to slap a 10% tariff on most goods imported to the U.S., as well as much higher levies on dozens of rivals and allies alike. The far-reaching duties have sent global markets reeling amid concerns they could dampen economic growth and stoke inflation.

Central banks are expected to help keep gold’s stunning rally going this year, with buying aimed at further diversifying reserves away from the dollar.

Analysts at ANZ said gold prices would push towards $3,200 over the next six months.

But Trump’s tariffs do not apply to certain goods, including copper, gold, energy and “certain minerals that are not available in the United States”, a White House fact sheet showed. Gold stocks in COMEX warehouses in the U.S. have jumped in recent months on fears that import tariffs might curb shipments.

Spot silver slipped 4.7% to $32.44, its lowest since March 11.

Since the introduction of a minimum 10% baseline tariff in countries importing semiconductors, where silver is used extensively, demand has become a concern, said Reliance Securities’ senior analyst Jigar Trivedi.