The prices of most precious metals surged on Monday, with gold hitting a fresh all-time high, as market participants sought refuge in the safe-haven asset amid fears that US President Donald Trump’s proposed trade measures would escalate international trade tensions. He intends to announce a fresh set of reciprocal tariffs on April 2. Furthermore, Trump pledged to implement hefty financial sanctions on Russian oil imports unless Moscow agrees to a Ukraine ceasefire agreement within the coming month. Over the weekend, the American leader also said he “couldn’t care less” if foreign automakers raise prices due to tariffs, further propelling the metals rally.
Gold added 1.30% at 5:24 am ET, going for $3,123.21. At the same time, silver improved by 0.86%, selling at $34.39. Platinum gained 0.78%, going for $993.32, while palladium was 0.94% up, trading at $970.19.