Overview

• Gold prices surged to an all-time high of $3,112.14 per ounce on March 31, 2025, reflecting heightened market anxiety over U.S. trade policies.
• President Trump is set to announce reciprocal tariffs on April 2, with auto tariffs scheduled to take effect on April 3, intensifying fears of a global trade war.
• The Japanese yen and Swiss franc strengthened as investors sought safe-haven currencies, while the U.S. dollar index declined by 0.2%.
• Trump threatened secondary tariffs of 25% to 50% on buyers of Russian oil, citing frustrations with Russia's role in the Ukraine war.
• Analysts caution that gold prices could decline if the upcoming tariff measures are less severe than anticipated, prompting profit-taking.