Gold rose to a new all-time high after US President Donald Trump imposed tariffs on Canada, Mexico and China, driving investors to safe havens, ING’s commodity analysts Warren Patterson and Ewa Manthey notes.

Gold is at a new record high

“However, the strength in the USD did provide some strong headwinds to Gold prices through the day yesterday. Despite the US coming to a deal with Canada and Mexico, which will see tariffs delayed by at least a month, the uncertainty over trade and tariffs continues to buoy Gold prices. ”

“Total known Gold ETF holdings have increased by more than 590k oz this year to 83.4m oz amid a move to safe-haven assets.”