Gold Hits a New All-Time High as Investors Seek Safe Haven
The shifting trade policies of U.S. President Donald Trump—imposing and delaying tariffs on Canada and Mexico while increasing levies on Chinese goods—have rattled global financial markets.
In response, China and Canada have countered with their own tariffs. Against this backdrop, gold has surged to new all-time highs.
Meanwhile, major Wall Street indices are in decline: the Dow Jones (-1.2%), S&P 500 (-1.2%), and Nasdaq (-1.7%) are all down. In Europe, the Euro Stoxx 50 is down 0.6%, while earlier in Asia, markets closed mostly lower, with Japan’s Nikkei 225 falling 0.08%, Shanghai down 0.4%, and South Korea’s KOSPI slipping 0.05%.
Gold Reaches New Historic High Amid Trade War Uncertainty
Spot gold rose 1.6% to $2,978.96, surpassing its previous all-time high of $2,956.15 recorded on February 24. U.S. gold futures climbed 1.5% to $2,990.46.
Gold remains supported by concerns over an economic slowdown triggered by tariffs, which could accelerate expectations of Federal Reserve rate cuts.
Among other precious metals, spot silver fell 0.6% to $33.03 per ounce, platinum dropped 1.2% to $972.70, and palladium declined 0.5% to $944.07.
Oil Prices Plunge Amid Economic Concerns
Oil prices fell on Thursday after a strong gain in the previous session, driven by a larger-than-expected drop in U.S. gasoline inventories. Markets are weighing macroeconomic concerns against expectations of firm short-term demand.
Brent crude futures declined 1% to $70.24 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped 1.2% to $69.90 per barrel.
Both benchmarks had gained around 2% on Wednesday after U.S. government data revealed lower-than-expected crude and fuel inventories. U.S. gasoline stockpiles fell by 5.7 million barrels—far exceeding analysts’ expectations of a 1.9 million-barrel decline—while distillate inventories also fell more than expected, despite an increase in crude oil stockpiles.
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