- Global investors await Trump's massive tariff plan on Wednesday
- Tariff uncertainty to sustain gold's traction, analyst says
- U.S. job openings data due later in the day
April 1 (Reuters) - Gold prices surged to an all-time high on Tuesday, extending their record run, as investors flocked to the safe-haven asset to guard against the potential repercussions of U.S. President Donald Trump's reciprocal tariffs.
Spot gold was up 0.1% at $3,125.69 an ounce, as of 0745 GMT, after hitting a record high of $3,148.88.
U.S. gold futures edged 0.1% higher to $3,153.40.
Bullion has emerged as a preferred haven as investors watch for details from Trump's tariff plan, set to include all nations, on Wednesday.
"The anticipation of the April 2 U.S. reciprocal tariffs has led market participants to lean towards a defensive stance, with some de-risking and turning to safe-haven gold as a hedge against impending portfolio volatility," IG market strategist Yeap Jun Rong said.
The uncertainty could sustain gold's traction for now, with buyers eyeing a retest of the $3,200 level, Rong added.
On Monday, gold closed out its strongest quarter since 1986, and climbed over $3,100/oz, marking one of the most significant upswings in the precious metal's history.
Gold's rally this year has also been fuelled by strong demand from central banks, expectations of interest rate easing by the Federal Reserve, geopolitical instability in the Middle East and Europe, and increased flows into gold-backed exchange traded funds.
On a technical basis, gold's Relative Strength Index (RSI) stands above 70, indicating the metal is overbought.
But "tariff drama" is unlikely to end after April 2, particularly with automobile tariffs set to kick in on April 3, and this coupled with growth uncertainties, should keep buyers interested in gold should a pullback occur, said KCM Trade chief market analyst Tim Waterer.
Traders will also keep a tab on U.S. economic data this week including job openings later on Tuesday and non-farm payrolls report on Friday.
Silver lost 0.7% to $33.83 an ounce, platinum fell 0.9% to $984.25, and palladium gained 0.4% to $986.79.
Reporting by Anjana Anil and Anushree Mukherjee in Bengaluru; Editing by Sherry Jacob-Phillips, Janane Venkatraman and Arpan Varghese
Source: Reuters