Trump’s tariffs are driving a gold rush

One kilogram gold bars at the ABC Refinery smelter, operated by Pallion, in Sydney, Australia, on April 17, 2025. | Brendon Thorne/Bloomberg via Getty Images

If anything is safe from the economic chaos caused by President Donald Trump’s tariffs, it’s probably gold — or at least that’s what investors seem to think.

The price of gold has increased rapidly in the months since Trump took office, surging particularly since his March 2 announcement of a baseline 10 percent tariff on all US imports.