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The gold price reached yet another record high on Thursday (March 13), breaking US$2,975 per ounce.
The precious metal has seen significant momentum since the start of the year.
Recent US consumer and producer price index data released on Wednesday (March 12) and Thursday shows that inflation has become stuck, adding more fuel to recession speculation and buoying gold.
Gold price chart, March 6 to 13, 2025.
Chart via the Investing News Network.
These releases come as trade tensions between the US and other countries ramp up.
Tempers flared when Ontario Premier Doug Ford imposed a 25 percent surcharge on electricity exports to the US on Tuesday (March 11). Although the charges were withdrawn after the two sides agreed to meet in Washington on Thursday, there is still much uncertainty about Canada-US relations, as well as US relations globally.
Broad 25 percent tariffs on all steel and aluminum imports to the US went into effect on Wednesday. Canada quickly applied retaliatory tariffs on US$20 billion worth of goods, while the EU responded with tariffs on US$28 billion worth of goods. Trump had threatened to boost the tariffs on Canadian steel and aluminum to 50 percent, but backed down for now after Ford withdrew the 25 percent electricity surcharge.
Trump has also said he will impose further tariffs on auto imports by April 2, creating significant uncertainty for manufacturers and businesses that rely on cross-border trade.
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