Two days before the United States imposes mutual tariffs, international gold prices momentarily reached a record high.
According to the Associated Press on the 31st (local time), the spot price of gold at 3:45 p.m. Eastern Standard Time was trading at $3,121.69 per ounce, a 0.66% increase from the previous session.
On that day, the gold price peaked at $3,160 per ounce, setting a new record. The closing price for June futures also surpassed the previous high, closing at $3,149.90 per ounce on the New York Mercantile Exchange.
CNBC reported that, following the Trump administration's announcement of a 25% tariff on steel, plastics, and automobiles, investors are seeking to invest in gold, considered a safe asset.
The price of government bonds, another asset considered safe, also rose, leading to a decrease in revenue. The yield on 10-year government bonds fell from 4.27% to 4.24%.
International oil prices are on the rise. As of 3:50 p.m. Eastern Standard Time, the price of West Texas Intermediate (WTI) for May delivery was $71.47 per barrel, a 2.11% increase from the previous session, while Brent crude for May delivery traded at $74.74 per barrel, up 2.72%.