Gold Prices Surge Amid U.S. Tariffs and Flight to Safety

Gold rose sharply on Wednesday, April 9, as global investors rushed into safe-haven assets following U.S. President Donald Trump’s implementation of record-high tariffs totaling 104% on imports from China. The move triggered a broad sell-off in risk assets and renewed demand for gold as a hedge.

As of 09:35 Moscow time:

• Spot gold climbed 1.6% to $3,031.02 per ounce

• June gold futures rose 1.9% to $3,046.61 per ounce

This surge came after a brief dip below the $3,000 level earlier in the week due to profit-taking and liquidation amid broader market losses. The tariff escalation reignited bullish sentiment toward gold.

The U.S. tariffs impacted not only China but several other major trading partners:

• 20% on the European Union

• 24% on Japan

• 46% on Vietnam

• 25% on South Korea

• 32% on Taiwan

Simultaneously, the U.S. Dollar Index fell 0.7% to a six-month low, making gold more affordable in other currencies and further boosting demand.

China responded with a statement expressing readiness to “fight to the end” if Washington persists with tariff pressure. This added to fears of deepening economic turmoil and a global slowdown — key factors behind the uptick in gold buying.

Other metals also rose:

• Silver gained 1.8% to $30.21/oz

• Platinum added 0.5% to $916.65/oz

Copper was the outlier, pressured by weaker Chinese demand:

• LME copper fell to $8,595 per ton

• May copper futures rose 0.6% to $4.1512/lb, reflecting short-term volatility

Analysts now expect markets to focus on potential responses from the Federal Reserve and further retaliatory moves by China. In an increasingly unstable geopolitical environment, gold could maintain its upward momentum.

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