Gold continues its impressive rally, reaching a new all-time high today with spot prices touching $3,146.99 per ounce as investors seek safe-haven assets ahead of President Donald Trump’s anticipated tariff announcements. Physical bullion demand remains robust amid escalating global trade tensions, with Trump expected to unveil sweeping levies on all trading partners tomorrow. The precious metal has benefited from a weaker U.S. dollar, which has declined 3.4% this month, making gold more attractive to foreign buyers. Investment holdings in physically-backed gold ETFs have climbed 6% so far this year after four years of net outflows, with analysts predicting further price increases potentially pushing gold deeper into the $3,000s/oz range in the near term.
Silver is also performing strongly in today’s trading, with spot prices reaching $34.32 per ounce, extending its impressive 17.68% gain since the beginning of 2025. The white metal continues to attract investor interest as economic uncertainty fuels demand for precious metals across the board. Market participants are closely monitoring tomorrow’s tariff announcements, with experts suggesting that harsher-than-expected policies could propel both metals higher, while more moderate measures might trigger a temporary price correction as traders take profits. Despite these potential fluctuations, the fundamental outlook for physical precious metals remains positive amid ongoing geopolitical tensions and expectations of Federal Reserve rate cuts later this year.
