March 27, 2025 | 10:07 pm

TEMPO.CO, Jakarta - U.S. gold futures scaled a record peak on Thursday, as investors sought the safe-haven asset in response to escalating global trade tensions and tumbling equity markets following U.S. President Donald Trump's announcement of new auto tariffs.
U.S. gold futures climbed 1.1% to $3,056.10, after hitting an all-time high of $3,065.50 earlier in the session, while spot gold rose $3,047.89 an ounce as of 09:10 a.m. ET (1310 GMT).
Gold is traditionally seen as a hedge against economic and political uncertainty and often thrives in a low-interest rate environment. Gold spot prices have hit 16 record highs this year, reaching an all-time peak of $3,057.21 on March 20.
"Looks like we're going to see (gold futures hit) $3100 here shortly and the main catalyst is safe-haven buying," driven by uncertainty around Trump's tariff plans, said Bob Haberkorn, senior market strategist at RJO Futures.
Governments from Ottawa to Paris threatened retaliation after Trump unveiled a 25% tariff on imported vehicles, set to come into effect the day after he plans to announce reciprocal tariffs, aimed at the countries he says are responsible for the bulk of the U.S. trade deficit.
Global stock markets fell as shares in some of the world's biggest carmakers tumbled.
Following the Federal Reserve's decision last week to hold its benchmark interest rate steady, while indicating potential rate cuts later this year, investors are now awaiting the U.S. Personal Consumption Expenditures data due on Friday to gauge the trajectory for further rate cuts.
"If (the PCE data) comes out better-than-expected, it might signal more upside for gold... because the Fed would be in a better position to start cutting rates," Haberkorn said.
Goldman Sachs on Wednesday raised its end-2025 gold price forecast to $3,300 per ounce from $3,100, citing stronger-than-expected ETF inflows and sustained central bank demand.:53
Spot silver rose 0.6% to $33.90 an ounce, platinum fell 0.5% to $970.25 and palladium added 0.4% to $972.42.
REUTERS | Anmol Choubey
Editor’s Choice: Gold Price Rises by Rp7,000, Now Touches Rp1,776,000 per Gram
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