Gold price hits new record high as trade tensions escalate

ISTANBUL, Turkiye: The price of gold reached a new record on Thursday with an ounce trading at US$2,983.50 (RM13,216.90) at 1810GMT amid uncertainties caused by United States (US) President Donald Trump’s trade policies, Anadolu Ajansi (AA) reported.

The ounce of gold rose 1.68 per cent on Thursday to set a new record.

The safe haven asset has gained around 10 per cent since Trump took office on January 20.

After starting 2025 at US$2,620 (RM11,606.60), it has gained around US$358 (RM1,585.94) in value since the beginning of the year, while setting new records 12 times this year.

While the ounce price of gold rose 27 per cent in all of last year, so far this year it has already gained 14 per cent.

Trump’s tariff threats took effect on Wednesday, imposing 25 per cent levies on all steel and aluminum imports.

On March 4, Trump also imposed 20 per cent tariffs on China.

He also threatened to impose 25 per cent tariffs on Canada and Mexico, but later postponed those tariffs after negotiations with the two countries’ leaders.

Trump on Thursday threatened to impose 200 per cent tariffs on alcohol drink imports from the European Union unless the union withdraws a 50 per cent tariff on American whisky.

The president’s tariff threats continue to stoke fears of a further global trade war as countries vow to take retaliatory measures. – BERNAMA-ANADOLU