Gold hits record, bitcoin, oil rise ahead of Trump tariff reveal

Gold prices surged to a record high for the fourth consecutive session, reaching $3,148.88 per ounce, driven by continued risk aversion among investors.

“Amid heightened geopolitical tensions and concerns over the Trump administration’s trade policies, which are seen as undermining the dollar’s status as the world’s reserve currency, investors are increasingly turning to gold,” said Kyle Rodda, senior financial markets analyst at Capital.com. “The underlying fundamentals for gold remain robust.”

As demand for safe-haven assets like Treasuries rose, yields on benchmark 10-year U.S. notes fell by approximately 5 basis points, dropping to 4.1920%. This shift put pressure on the dollar, which edged down 0.08% to 149.85 yen. The euro held steady at $1.0813.

The Australian dollar gained 0.14%, rising to $0.6258, as the Reserve Bank of Australia (RBA) kept rates unchanged at 4.1% following a quarter-point rate cut in February, its first reduction in over four years.

“The RBA’s statement highlights concerns over global confidence, particularly due to U.S. tariffs, while indicating that they are carefully monitoring economic conditions before making further policy adjustments,” said Matt Simpson, senior market analyst at City Index. “While there’s potential for another rate cut, they’re taking a cautious approach.”

Bitcoin saw a modest increase, climbing to approximately $83,040.

Oil prices continued their upward momentum, building on Monday’s 2% surge. Brent crude added 0.23%, reaching $74.94 per barrel, while U.S. West Texas Intermediate crude rose 0.22%, hitting $71.64. The OPEC oil basket was priced at $75.96 per barrel on Tuesday, slightly up from $75.74 the previous day, according to OPEC Secretariat data.

Over the weekend, former President Trump escalated tensions by threatening secondary tariffs on Russian and Iranian crude. He also warned of military action against Iran unless the country reached a deal with the U.S. over its nuclear program.