Gold climbs to a new record high – ING

Gold surged to a fresh record high this morning, surpassing the previous record hit just yesterday, after US President Donald Trump announced 'permanent' 25% tariffs on auto imports, intensifying trade tensions, ING's commodity experts Ewa Manthey and Warren Patterson note. 

Trump’s unpredictable trade policy is the key driver for Gold

"Trump’s unpredictable trade policy has been the key driver for Gold so far in 2025, with prices up by more than 16% year-to-date, extending its momentum from 2024. We see uncertainty over trade and tariffs, along with central bank buying and inflows into ETF holdings continuing to buoy Gold prices."