(GC=F)

2,904.10

+(1.95%)

As of 4:59:57 PM EST. Market Open.

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Gold's recent move higher comes as Trump's latest tariff deadline arrives at the end of Monday, with potential new duties starting Tuesday morning on America's top three trading partners — Canada, China, and Mexico. Additional tariffs against China are also expected.

Gold futures are up more than 9% year to date. Strategists attribute much of the rally to continued central bank buying and uncertainty over US tariffs, including the possibility that even imports of the precious metal won't be spared.

Institutional investors have shipped elevated amounts of physical gold bars to vaults in New York in a move to front-run tariffs and take advantage of a price disparity between London and New York.

Wall Street noted the impact of more gold imports in January's trade deficit reading released last week.

The "US goods trade deficit widened to a record USD 153 billion as imports surged 12%, with physical gold inflating the data," UBS analysts wrote in a note Monday morning.

Meanwhile, global fund managers surveyed by Bank of America last month predicted that gold will beat out US equities to rank as the second-best-performing asset class in 2025, right behind global equities.

The fund managers surveyed also expect gold will perform best in the event of a "full-blown trade war," ahead of the US dollar or 30-year bonds.