MUSCAT : Fears over heightened trade tensions sent investors scrambling for safety, lifting gold to record levels in early trading.
By 0550 GMT, spot gold rose 0.6% to $3,143.05 per ounce after briefly touching a record high of $3,148.88. Meanwhile, U.S. gold futures climbed 0.6% to $3,169.50.
Anticipation of the U.S. tariffs on April 2 has pushed the market to take a defensive stance, remarked a market analyst, adding that investors are reducing risk exposure and turning to gold as a hedge against portfolio volatility.
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U.S. President Donald Trump is expected to announce the sweeping tariff plan—dubbed “Freedom Day”—on Wednesday, applying duties across all countries. Trump argues the move is necessary to shield the American economy from what he calls “unfair global competition.”
Market observers are also watching closely as auto tariffs—a key component of the plan—are set to take effect on April 3, further stoking uncertainty in global trade and financial markets.
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