Gold prices soar to new record highs this week

On Monday, the price of spot gold hit US$3,122.80 per troy ounce (approximately $4,466 CAD), reflecting a sharp jump amid volatile global markets.

Gold prices surged to fresh record highs this week as investors worldwide sought safety from economic uncertainty and escalating geopolitical tensions.

On Monday, the price of spot gold hit US$3,122.80 per troy ounce (approximately $4,466 CAD), marking a sharp rise amid volatile global markets.

Following the implementation of President Donald Trump’s latest round of tariffs on April 2—an event he himself dubbed “Liberation Day”—gold prices climbed even higher. On Wednesday, spot gold reached a new peak of US$3,167.57 per ounce (about $4,530 CAD).

This continues a trend that has seen the metal rise 19 per cent since the beginning of 2025.

Gold futures also set a record earlier in the week, peaking at US$3,157.40 (roughly $4,516 CAD) per ounce in Monday trading.

These new highs highlight the growing investor appetite for safe-haven assets amid fears of inflation, global economic slowdown, and the escalating trade conflict.

Trump’s tariff policy has shaken global markets, leading to uncertainty for businesses and consumers.

Furthermore, retaliatory measures from traditional U.S. allies have deepened the instability, and economists warn of higher costs across the board.

Against this backdrop, gold has emerged as a preferred store of value.

While some analysts expect gold to continue climbing in the months ahead, they also warn that precious metals remain volatile.

However, ongoing demand from central banks and persistent geopolitical instability—including the ongoing wars in Ukraine and Gaza—have helped support the current rally in gold.