After US President Trump announced a new tariff plan, global markets were once again in a state of tension. Investors flocked to safe-haven assets, pushing gold prices to a record high. This article will explore the impact of Trump’s tariff policy on the gold market and the reactions of global investors.

People tend to use simple narratives to explain the rise and fall of assets, but the truth is often far more complicated than it seems. MarketWatch columnist Mark Hulbert recently wrote an article analyzing the relationship between gold prices and US tariff policies.