On the morning of April 3, spot gold continued its upward trend, setting a new historical high. As of 07:50 Beijing time, the price of gold soared to $3165.35 per ounce, driven by Trump's announcement of a new round of tariff policies. On April 2, Trump stated that he would impose a 10% standard tariff on all goods imported to the United States and higher tariffs on some major trading partners, further intensifying global trade tensions and sharply increasing market risk aversion.
In his speech at the White House Rose Garden, Trump displayed the "reciprocal tariff" rates imposed on multiple countries, with a 34% tariff on major Asian nations and a 20% tariff on the EU. These remarks deepened investors' uncertainty about the global economic outlook, driving up the prices of safe-haven assets like gold significantly. The market reacted strongly to the new tariff policy, with the price of gold rising 0.58% since Wednesday, closing at $3132.04 per ounce, and reaching a new historical high on April 3.
With the announcement of Trump's tariff policy, the demand for safe-haven assets soared, making gold a primary choice for investors. The rise in gold prices reflects market concerns about the global economy and financial markets, especially after the U.S. imposed tariffs on multiple trading partners, increasing the risk of economic recession and prompting investors to seek safe assets.
Moreover, the dollar was also affected, hitting new three-week and two-week lows against the yen and the Swiss franc, respectively. Market sentiment remained volatile, with stock futures experiencing significant declines, prompting investors to turn to safe-haven assets like gold.
Trump's tariff plan not only heightened trade war tensions but also made financial market expectations more uncertain. Gold, as a traditional safe-haven asset, was favored by the market, with prices continuing to hit new highs. As global economic uncertainty rises, it is expected that gold prices will continue to be supported by safe-haven demand, likely maintaining a strong short-term trend.
