Gold price rises another 2% as safe-haven metal closes in on record

Gold continued to rise on Thursday after posting its biggest one-day gain in 18 months, as confusion over US President Donald Trump’s tariff agenda drove investors towards the safe-haven metal.

Spot gold rallied 2% to $3,147.15 per ounce by 10:25 a.m. ET, approaching the all-time high of $3,167.75 set last month. US gold futures in New York shot up by 2.6% to $3,160.50 an ounce.

The rally followed an initial surge in the previous session that saw the precious metal gain over 3%, as US tariffs on around 60 trading partners came into effect, fueling worries about a global recession. Trump’s subsequent announcement of a 90-day pause to higher tariffs on some countries did not slow down gold, despite reinvigorating the US stock market to record its best intraday performance since the financial crisis.