Ammon News - Gold's surge to a fresh record high is being fuelled by fears of an escalating global trade war instigated by U.S. President Donald Trump.

But behind the froth created by the mercurial U.S. leader, there are structural shifts that are creating a bullish backdrop for the precious metal.

Spot gold climbed to an all-time high of $2,942.70 an ounce during Tuesday's Asian trade, eclipsing the previous peak of $2,911.30 set on Monday and marking the eighth record set so far in 2025.

Gold has been in an uptrend for the past 16 months, having rallied by 63% since the low of $1,809.50 an ounce on Oct. 23, 2023.

The rally has accelerated since Trump was elected in November for a second term in the White House, with an increase of 16% since the low of $2,536.71 an ounce on Nov. 15.

Investors are turning to gold as a safe haven amid rising uncertainty as Trump unleashes a variety of trade tariffs and threatens more to come. Reuters