Gold climbs to $3,200 for first time as recession anxiety mounts

Risks and uncertainty remained even after his 90-day tariff pause on higher levies that hit dozens of trade partners, with duties on all Chinese imports now at least 145%.

Gold rose to a fresh record above $3,200 an ounce as concerns about the impact of tariffs on the global economy pushed investors to the safe haven.

Bullion gained as much as 1.3% in early Asian trading on Friday. It eclipsed the previous record posted Thursday, and has closed more than 3% higher for consecutive days.

Gold’s haven status has been underlined this week, with President Donald Trump’s flip-flopping messaging on his tariff agenda sparking frantic selloffs for US stocks, bonds and the dollar, as fears of a worldwide recession engulfed Wall Street. Risks and uncertainty remained even after his 90-day tariff pause on higher levies that hit dozens of trade partners, with duties on all Chinese imports now at least 145%.

There’s increasing skepticism that trade talks will be wrapped up in a timely manner, despite the White House Economic Council Director Kevin Hassett saying the US is “well advanced” in its discussions with economic partners.

Gold’s rally of more than a fifth this year has also been boosted by hopes for more Federal Reserve monetary easing and central bank buying. On Thursday, data showed underlying US inflation cooled broadly in March, with traders now pricing in expectations for three interest-rate cuts in the remainder of the year, with a chance of a fourth. Lower rates typically benefit gold as it pays no interest.

“We remain quite positive for gold,” Dominic Schnider, head of commodities and Asia Pacific currencies at UBS Global Wealth Management, said on Bloomberg Television. “The next step is going to be, at some point, the Fed coming in — and that gives the next leg up for gold.”

Spot gold was up 1.2% to $3,215.73 an ounce as of 8:43 a.m. in Singapore, on track for a weekly gain of nearly 6%. The Bloomberg Dollar Spot Index fell for a fourth day. Silver and platinum rose, while palladium was little changed.