Spot Gold prices hit a new record high of $3,212 per ounce in early trading in Asia on Friday, April 11, as investors continued to seek haven assets amidst a global stock market rout.

Prices have seen a sharp rebound having slipped below the mark of $3,000 earlier in the week after US President Donald Trump’s reciprocal tariffs kicked in. Prices reversed course on Wednesday after the 90-day pause on select countries was announced by the White House.

Gold prices had earlier hit an intraday record of $3,201 an ounce earlier this month.

Risks and uncertainties surrounding Trump’s flip-flops on tariffs and the resultant extreme volatility on Wall Street and other global equity markets have prompted investors to flock back to haven assets like gold.
Not just the yellow metal, other haven assets like the Swiss Franc has also hit the highest level against the US Dollar in a decade. The Japanese Yen also continues to strengthen against the greenback, now at levels of 144.

The uncertainty is also accelerated after the White House said that there are trade deal offers from 15 countries on the table after earlier proclaiming the number to be 70 and Trump saying that higher tariffs will return if deals with countries are not reached.

Gold prices also received a boost on hopes of more buying from global central banks and monetary easing by the US Federal Reserve. Retail inflation eased in March in the US and traders are working with at least four rate cuts from the world’s largest central bank in 2025. Lower interest rates benefit gold as it pays no interest.

“We remain quite positive for gold,” Dominic Schnider, head of commodities and Asia Pacific currencies at UBS Global Wealth Management, said on Bloomberg Television. “The next step is going to be, at some point, the Fed coming in — and that gives the next leg up for gold.”

Spot Gold is currently 0.8% higher at $3,205.1.

(With Inputs From Agencies.)