Gold prices hover near record high as Trump tariff fears boost its safe haven appeal

Gold prices are hovering around a new record high as investors rushed to put their money into the safe haven asset following US President Donald Trump's global tariff threat. According to Bloomberg data, bullion traded near $2,935 an ounce in the global markets after earlier hitting a fresh record high of $2,947.01.

In India, gold traded at ₹85,879 for 10 grams on the Multi Commodity Exchange (MCX) for April 2025 futures. The high was ₹86.592. Last Tuesday, Trump pledged to impose 25% tariffs on automobile, semiconductor and pharmaceutical imports into the US. Another aspect contributing to the rising gold prices is the escalating geopolitical tensions after senior officials from the US and Russia met for a first round of talks over the war in Ukraine.