Following President Donald Trump’s new tariffs, gold prices soared to new heights. The price of an ounce of gold reached a peak of $3,168.

The soaring gold prices continued after U.S. President Donald Trump announced new tariffs. Following Trump’s statement, the price of an ounce of gold reached a record high of $3,168. This surge in the price of the yellow metal exceeded 20% since the beginning of the year. After some sales following the peak, the price of an ounce of gold balanced around $3,140. The price of a gram of gold changed hands at $3,821. Meanwhile, a quarter ounce of gold found buyers at $6,283.

TRUMP IMPOSING ADDITIONAL TARIFFS ON ALL COUNTRIES
Trump announced that they will start applying mutual tariffs of at least 10% to all countries, including Turkey. The U.S. will impose tariffs of 34% on China, 20% on the EU, and 24% on Japan. Additionally, a 25% tax will be imposed on vehicles manufactured in foreign countries. Following Trump’s announcement, investors showed a tendency to avoid risks, increasing demand for safe-haven assets.

FOCUS ON EMPLOYMENT DATA
Furthermore, gold was supported by expectations of interest rate cuts, central bank purchases, and strong demand for gold-backed investment funds. On the other hand, weak U.S. employment and manufacturing data indicated a lackluster performance. The number of job openings in the country fell to 7.568 million in February, below market expectations. Manufacturing activity contracted in March after two consecutive months of growth. Investors are now awaiting the non-farm employment figures to be released on Friday. The impact of the employment data on the Fed’s monetary policy will be closely monitored.