Gold futures hit new record on tariff uncertainty

The price of gold hit a new record on Thursday, lifted by uncertainty over the economic policies of US President Donald Trump and the dollar’s weakness following a disappointing US growth report.

Around 1800 GMT, gold futures were trading at $2,844 an ounce, after earlier in the session hitting a record high of $2,853.

The price of spot gold was sitting at $2,796, having hit its own peak of 2,799.65 Thursday.

The previous peak owed in large part to geopolitical unrest in the Middle East and Ukraine, whereas the latest spurt was more linked to inflationary concerns about Trump’s policies, according to Susannah Streeter, head of money and markets at Hargreaves Lansdown.

“Gold is shining as a safe haven asset, with investors seeking shelter to weather the storm of unpredictability,” she said.

“With US President Donald Trump still dangling the threat of tariffs over near neighbours and far foes, there are concerns that they could push up US consumer prices, increase inflation, and lead to interest rates staying higher for longer.”

She added that this week’s “gyrations on stock markets, caused by progress made by Chinese AI rival DeepSeek may also have helped gold’s glittering run upwards”.

Gold was also boosted when a report on US economic growth came in a bit weaker than expected, putting an end to a recent dollar rally.

Gold profited last year as central banks began to cut interest rates and thanks to a reduced import tax on the commodity in India, the world’s second-largest consumer of gold jewellery.

A consequence of record gold prices has been a sizable increase in the recycling of the precious metal.