Gold prices surge to new record high amid worries about impact of Trump tariffs on global economy

As concerns about the effects of US President Donald Trump's tariffs on the world economy persisted, gold prices rose to a new record high on Friday. According to Bloomberg, gold rose up to 3% to $3,175.07 an ounce, breaking a previous high set earlier in the month.

According to Reuters, US gold futures increased 3.2% to close at $3,177.5. Palladium dropped 1.4% to $918.45, platinum dropped 0.5% to $932.41, and spot silver dropped 0.5% to $30.88 an ounce. The ongoing back-and-forth tariff strategy from the Trump administration has captivated financial markets.

Dominic Schnider, head of commodities and Asia Pacific currencies at UBS Global Wealth Management, told Bloomberg Television, "We are still very optimistic about gold." "The Fed's intervention at some point will be the next step, and that gives gold the next leg up."