Gold Prices Hit a New All-Time High as Investors Seek Refuge

Spot gold rose 0.46% to $3,148.93 per ounce as of this writing, down slightly from the peak of $3,167 recorded earlier in the day.

Gold prices hit a new all-time high on Wednesday as investors sought refuge in the safe haven following President Donald Trump's sweeping tariffs that sent risk-on markets falling.

What Happened: Spot gold rose 0.46% to $3,148.93 per ounce as of 08:57 AM ET (12:57 GMT), trading down slightly from the peak of $3,167 hit earlier in the day. Gold futures on the Commodity Exchange were up 0.15% to $3,171.

With the latest uptick, the yellow metal extended its year-to-date gains to 20%.

The rise also boosted physical gold-backed cryptocurrencies. Tether Gold and PAX Gold rose 1.02% in the last 24 hours and over 20% since 2025 began.

In fact, the two cryptocurrency derivatives of gold were among the five most successful coins this year, far outperforming heavyweights like Bitcoin BTC/USD and Ethereum ETH/USD.

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Well-known cryptocurrency analyst Ali Martinez stated that DOGE was at a "make-or-break level."

"If $0.16 holds, a rally to $0.57 could follow. If it fails, a drop to $0.06 becomes likely," the analyst projected.

Gold bug and renowned economist Peter Schiff called gold a "true safe haven and store of value," while highlighting the fall of Bitcoin, considered by some as a "digital gold."

Bitcoin is now leading risk assets lower. It's already down 7% from the high that it hit shortly after Trump began his Liberation Day speech. Meanwhile, gold, a true safe haven and store of value, is up another $30, trading in new record territory above $3,160.

Capital markets tumbled after the scope and scale of Trump's new reciprocal tariff structure exceeded Wall Street's worst-case expectations. The new levies on imported goods would be set at 50% of what the trading partners charge the U.S.

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