Gold prices surged to another record high in Asian trading on Tuesday, rising well above $4,100 per ounce as renewed U.S.–China trade tensions drove strong safe-haven demand. Silver also rallied sharply to new historic peaks.
As of 12:17 a.m. ET (04:17 GMT):
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Spot gold jumped 1.3% to $4,164.80/oz, after hitting a record $4,169.66 earlier
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U.S. gold futures gained 1% to $4,175.92
The rally came after President Donald Trump signaled he could impose a 10% tariff on all Chinese imports in retaliation for Beijing’s export controls on key minerals used in defense and technology industries.
However, Trump later softened his remarks, posting on social media:
“Don’t worry about China,”
hinting he may seek de-escalation.
Treasury Secretary Scott Bessent confirmed that Trump and Chinese President Xi Jinping are still expected to meet in South Korea later this month. China’s Commerce Ministry said talks remain underway but vowed to “fight to the end” if tariffs are enforced.
Trade uncertainty — coupled with a slightly weaker U.S. dollar — continued to bolster demand for safe-haven assets.
Silver surged 2% to $53.47/oz, marking a new record, while platinum futures climbed 1.2% to $1,704.55/oz, reflecting broad strength across precious metals.