Gold prices stabilized on Thursday after hitting another all-time high, as U.S. President Donald Trump's announcement of sweeping import tariffs drove investors to gold as a safe-haven asset.

Spot gold steadied at $3,130.21 per ounce amid some profit-taking after hitting a record peak of $3,167.57 earlier in the session.

U.S. gold futures dropped by 0.4% to $3,154.10.

Gold has continued to build on the momentum it gained last year, with prices rising by 19% in 2025 due to a combination of factors— including economic and geopolitical uncertainty, strong central bank purchases, and increased flows into gold-backed exchange-traded funds — which has supported the yellow metal.

The prevailing tension created by the tariffs has caused deep uncertainty in the financial markets, and gold, as the ultimate safe-haven asset, is benefiting from this situation.

It's difficult to predict a price peak when you're at an all-time high, but it's clear that gold has strong momentum. Dips are seen as strong buying opportunities, which confirms that the overall buying sentiment remains strong.

On Wednesday, Trump revealed plans to impose a 10% tariff on most imports to the U.S. and much higher tariffs on dozens of rivals and allies. These global tariffs have sent markets reeling amid concerns that they could slow economic growth and increase inflation.

Central bank purchases of gold and strategic fund flows into the metal are expected to push prices toward $3,200 over the next six months.

However, according to a White House fact sheet, Trump's tariffs do not apply to certain goods, including copper, gold, energy, and "some minerals that are not available in the United States. " Gold stocks in COMEX warehouses in the U.S. have surged in recent months due to concerns that the tariffs could limit shipments.

Among other metals, spot silver dropped by 2.7% to $33.12, its lowest level in over a week. Platinum fell by 1.5% to $969.25, and palladium lost 1% to $960.25.

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