Gold prices rise 2% as US-China trade tensions escalate

Gold prices jumped about 2% during trading on Thursday, April 10, amid escalating trade tensions between the US and China, sending investors to safe havens. Gold futures rose about 1.2% to $3,146.9 per ounce.

US President Donald Trump, in a surprise move on Wednesday, suspended the tariffs he announced last week, but he also increased pressure on China.

Amid these developments, gold, a hedge against global uncertainty and inflation, rose more than 18% in 2025, driven largely by Trump’s tariff plans, expectations of a rate cut by the US Federal Reserve, and geopolitical tensions in Ukraine and the Middle East.