Gold prices reached a record high on Feb. 20, driven by fears of a global trade war due to U.S. President Donald Trump’s tariff threats, which increased safe-haven demand for the metal. Spot gold rose to $2,936.38 an ounce, with an earlier peak of $2,954.69, marking its tenth record high this year. U.S. gold futures also increased by 0.7% to $2,956.10, with gold gaining about 12% in 2025. Analysts attribute the rise to ongoing trade tensions, inflation concerns, and central bank buying. Trump announced plans for new tariffs on various goods, which have contributed to market uncertainty. While a potential peace deal in Ukraine could temporarily reduce geopolitical tensions and impact gold prices, experts believe the overall upward trend in gold is likely to continue due to strong underlying factors. Additionally, silver, platinum, and palladium prices also saw increases.
Gold Hits Record High Amid Trade War Fears
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