Gold prices have surged to record highs in the global market following U.S. President Donald Trump’s announcement of a minimum 10% tariff on most imported goods, along with higher tariffs on select countries. Investors have increasingly turned to gold as a safe-haven asset amid concerns over escalating trade tensions.

According to a Reuters report, the spot price of gold rose 0.5% to $3,148.05 per ounce, after hitting an all-time high of $3,167.57 earlier in the day. Meanwhile, gold futures climbed 0.2% to $3,172.60 per ounce.

Trump’s tariff policy, which includes a baseline 10% levy on all imports and steeper duties on major U.S. trading partners, has intensified trade tensions. Analysts warn that these aggressive measures could slow U.S. economic growth and drive inflation higher.

Kyle Rodda, a financial market analyst at Capital.com, explained that rising tariffs are boosting demand for gold for several reasons. One key factor is the potential economic slowdown in the U.S., which could lead to interest rate cuts in the future. Additionally, he noted that central banks may shift their reserves from U.S. dollar-denominated assets to gold due to Trump’s trade policies.

Market experts predict that gold prices could rise even further given the current trend. Any increase in global gold prices typically impacts domestic markets as well.

In Bangladesh, gold prices are set by the Bangladesh Jewellers Association (BAJUS). The last price adjustment occurred on March 28, when the association raised the price of 22-carat gold by BDT 1,773 per bhori (11.66 grams), setting a record-high price of BDT 157,872 per bhori. As of March 29, the prices for other gold categories stood at BDT 150,699 per bhori for 21-carat gold, BDT 129,167 for 18-carat gold, and BDT 106,539 for traditional gold.

This marks the 17th price adjustment in Bangladesh’s gold market this year, with prices increasing 13 times and decreasing only 4 times. In 2024, BAJUS made a total of 62 price adjustments, raising prices 35 times while reducing them 27 times.