Gold futures close up 3.2% to $3,155.20 an ounce, which is a new record for the front-month contract.
It’s also the biggest move up the front month contract has seen since April 9, 2020.
The elation of President Trump pausing the reciprocal tariffs on numerous countries for 90 days gave way to resumed uncertainty on wider markets, with tariffs on China ramping up.
“Gold continues to capitalize on its status as the last safe haven standing,” says Robert Yawger of Mizuho Securities USA.
Yawger adds that gold futures may break through the $3,200 per troy ounce threshold soon.
