Gold prices climbed past the $3,000-per-ounce mark for the second time in a week on Tuesday, driven by investor demand for safe-haven assets amid concerns over US trade policy and a weakening dollar.
Spot gold rose 0.2% to $3,008.08 per ounce as of 0249 GMT after touching an all-time high of $3,012.05 earlier in the session. U.S. gold futures were up 0.4% at $3,017.60.
The rally follows US President Donald Trump’s proposal for a range of tariffs, including a 25% flat rate on steel and aluminium, with further reciprocal and sector-specific duties planned for April. These trade measures have heightened market uncertainty, prompting inflows into gold.
The US dollar index remained near a five-month low, making gold more attractive to non-dollar holders.
Gold has gained more than 14% since the beginning of the year and has posted 14 record highs since Trump took office in January, underscoring its role as a hedge against geopolitical and economic risk.
Investors are also watching for updated economic projections from Federal Reserve officials this week, which are expected to reflect lowered US growth forecasts, concerns about inflation, and potential recession risks.
Other precious metals also gained, with spot silver up 0.2% to $33.89 an ounce, platinum rising 0.5% to $1,004.65, and palladium increasing 0.5% to $969.60.
