Gold hits record high amid Middle East tensions, U.S. tariff concerns

Gold surged to a new record high on Tuesday, as investors sought the safe-haven metal amid escalating Middle East tensions and concerns over U.S. tariff plans under former President Donald Trump, Reuters reported.

Spot gold rose 0.77% to $3,024.9 per ounce at 14:51 Baku time, after hitting an all-time high of $3,028.24 earlier in the session. Gold first surpassed the $3,000 mark on March 14.

“We are witnessing a perfect storm of factors supporting gold,” said Ole Hansen, head of commodity strategy at Saxo Bank. “Geopolitical concerns over the Middle East are now overlapping with economic worries about U.S. policy direction.”

The metal has gained more than 14% since the start of 2025, setting 14 record highs in that period.