Gold prices surged to an all-time high as investors sought safe-haven assets amid escalating U.S. tariff concerns. Spot gold climbed 1.3% to $2,794.42 per ounce, briefly touching $2,798.24, while U.S. gold futures settled 1.8% higher at $2,845.20. 

Market uncertainty grew following White House plans to impose steep tariffs on Mexico and Canada, with potential levies on China also under consideration. A weaker U.S. dollar and declining Treasury yields further bolstered gold’s appeal to investors. 

Meanwhile, the Federal Reserve maintained interest rates, signaling no urgency for further cuts despite slowing economic growth. Traders now await the upcoming inflation report for insights into future monetary policy.

Finsum: We will see some wild moves in commodities prices in the coming weeks given the retaliation already spiking in the trade wars.