(March 31): Gold started the week with a fresh record high, ahead of US President Donald Trump’s expected latest tariff barrage that’s heightened concern of a global trade war.

Bullion edged higher to top US$3,093 (RM13,718.23) an ounce, beating the previous all-time high set last Friday when it recorded a fourth weekly gain, with prices supported by growing haven demand. Trump last week signed a proclamation to slap a 25% tariff on auto imports, while markets are also bracing for the White House’s so-called reciprocal tariffs due on Wednesday. 

Gold is up about 17% this year in a run that’s seen it clinch at least 15 all-time highs. The rally has been fuelled by central-bank buying and haven demand amid rising geopolitical and macro uncertainties. Those drivers have supported prices even as swaps traders have pared bets on Federal Reserve easing this year to two quarter-point rate cuts. Lower rates tend to benefit non-yielding bullion.

Several major banks have raised their price targets for the precious metal, with Goldman Sachs Group Inc this week ramping up its forecast to US$3,300 an ounce by year end. The lender cited higher-than-expected central bank demand and strong inflows into bullion-backed exchange traded funds.

Spot gold traded up 0.2% at US$3,092.49 an ounce as of 6.17am in Singapore. The Bloomberg Dollar Spot Index eased 0.1%. Silver and platinum were flat while palladium fell.

Uploaded by Tham Yek Lee