Front-month gold futures rose while other markets were pressured by the implementation of tariffs by the Trump administration.
Fear over stagflation in the U.S. economy is also helping out gold, with recent economic data causing a pivot toward recession fears.
“There is growing speculation that we may be witnessing the beginning of the end of U.S. exceptionalism,” says Ole Hansen of Saxo Bank, with money going to safe havens like gold and investments outside of the U.S.