Revived Tariff Turmoil Sends Gold to Another Record as Nervous Investors Pile In

Gold soared to another record high today as President Trump ramped up the uncertainty and unease over his tariffs strategy.

Flocking to Safe Haven

Gold futures rose to $3,322.50 per ounce with the spot price up to $3,304 as stock markets from the U.K. to Japan shot lower on renewed tariff fears.

That was down to fresh restrictions on the sale of chips from Magnificent Seven semiconductor stalwart Nvidia (NVDA) and others such as Advanced Micro Devices (AMD) to China. In addition, President Trump ordered a probe into critical minerals that could see tariffs imposed on these industrial resources used in a range of sectors from defense to renewable energy.

It means that investors worried about the impact of tariffs and economic uncertainty on their equity and bond portfolios are continuing to flock to the safe haven of gold.

Metal Set to Keep Shining

So far this year the spot price has climbed 23%. Gold-linked ETFs have also had a stellar period. The VanEck GoldMiners ETF, which invests in gold and silver miners’ stocks, has been one of the beneficiaries helping its share price soar by over 47% in the year to date. It was up over 3% in pre-market trading today.

The SPDR Gold Shares ETF which is exposed to the physical holding of gold bullion, was up over 2% today. In the year-to-date it has climbed over 22%.

The upward momentum is likely to continue with Goldman Sachs recently lifting its end of 2025 gold price forecast to $3,700 per ounce from $3,300, with a projected range of between $3,650 to $3,950. This was off the back, it said, of stronger-than-expected demand from central banks and higher exchange traded fund inflows due to recession risks.

What are the Best Gold ETFs?

We have rounded up the best Gold ETFs using the TipRanks ETFs comparison tools.