Global gold prices have remained elevated over the past two weeks. On Friday (July 11, 2025), the precious metal closed at US$3,355.48 per troy ounce, climbing from the previous day’s level of US$3,322.69. Throughout the week, gold even touched a high of US$3,368.59.

This price surge is largely attributed to rising geopolitical tensions after U.S. President Donald Trump announced a new round of import tariffs—a 35% duty on Canadian goods starting next month, and plans for broad-based tariffs of 15–20% on nearly all of America’s trading partners.

According to Reuters, Trump also imposed a 50% tariff on copper imports and goods from Brazil. These aggressive moves rattled market sentiment and prompted investors to return to gold as a hedge against uncertainty.

“We’re entering another period of significant uncertainty, and gold is benefiting as a safe-haven asset,” stated Aakash Doshi, Global Head of Gold Strategy at State Street Global Advisors, in an interview with Reuters. He predicted that gold prices would fluctuate between US$3,100 and US$3,500 in Q3 2025. “The first half of the year has been very strong for gold, and we’re now entering a consolidation phase,” he added.

Another key factor boosting gold’s appeal is the growing possibility of monetary policy easing in the U.S. Federal Reserve Governor Christopher Waller recently signaled the potential for rate cuts in the near future. Markets are now pricing in a 50-basis-point rate cut by year-end. In a low-interest environment, non-yielding assets like gold typically become more attractive.

In tandem with gold, other precious metals also posted strong gains. Silver prices jumped 3.9% to US$38.46 per ounce, reaching their highest point since September 2011.

Platinum rose 2.8% to US$1,399.13, and palladium surged 6.5% to US$1,216.12. These increases were driven by copper tariff hikes, which led to tighter supply conditions and a shift of capital flows from futures to physical markets.

The spike in tariffs prompted traders on the NYMEX/COMEX futures exchange to reverse positions and switch to physical buying—a dynamic that pushed up prices for white metals like platinum and palladium, although the impact on gold itself remained relatively neutral.

An additional catalyst came from speculation that Trump might announce a major policy shift involving Russia this coming Monday.

If the announcement includes sanctions targeting Russian metal exports, especially palladium, the ongoing price rally could accelerate further.

With so much uncertainty surrounding global trade policies and interest rate direction, gold and other precious metals are expected to retain their shine in the months ahead.