Gold hits new record high, exceeds $2,800

Gold bars

Gold prices strengthened their gains on Thursday, driven by safe-haven demand amid uncertainty about the US tariffs threats, potentially taking effect early next month.

Gold futures for April delivery leapt 1.85%, or $51.7, to settle at $2,845.20 per ounce, its lifetime high.

The dollar index, which measures the US dollar against a basket of six major currencies, fell by 0.2% to 107.80 points at 10:55 pm Makkah time.

“There is a lot of concern over tariffs,” Financial Times reported, citing Suki Cooper, analyst at Standard Chartered. “Gold’s safe haven appeal really kicks in, when there is a broad-based asset risk.”

US President Donald Trump threatened to impose 25% tariffs on all the country’s imports from Canada and Mexico from Saturday, triggering fear in the market that sweeping tariffs could apply to gold, which has historically been exempt from import duties.