On the 2nd (local time), as U.S. President Donald Trump announced tariffs targeting countries around the world, international gold prices hit an all-time high.
According to Bloomberg News and Reuters, immediately following President Trump's announcement of tariffs, the spot price of gold on the New York Commodity Exchange rose by 0.6%, reaching $3,129.46 per ounce. U.S. gold futures also closed up 0.6% at $3,166.20.
During the trading session, gold prices rose by about 1%, reaching an all-time high.
Gold is regarded as a typical safe-haven asset, and when concerns about the global economy increase, investors tend to increase their investment in gold. International gold prices surged last year due to large-scale purchases by various countries' central banks and rising demand in Asia, and they have risen by 19% this year.
The price of copper, widely used in industry, fluctuated significantly. Copper prices surged by 2.2% during the trading session but turned downward after news of tariff exemptions, closing 0.1% higher than the previous day.
International crude oil prices fell as demand is expected to decrease amid global economic turmoil. West Texas Intermediate (WTI) futures were recorded at $70.73 per barrel as of 4:59 p.m. Eastern time on the 2nd. Concerns were alleviated as oil from Canada and Mexico, the largest suppliers of crude oil to the U.S., were exempted from tariffs under the United States-Mexico-Canada Agreement (USMCA).