Gold prices have hit a record high, surpassing the $5,000 per ounce mark for the first time.

Yesterday, prices peaked at just over $5,020 per ounce before dipping slightly today.

This surge follows months of rising value, with gold now trading about 20% higher than a year ago.

Much of this increase is attributed to market volatility driven by US President Donald Trump’s economic policies, including his upcoming expansion of wide-ranging tariffs.

“Investors worldwide are turning to gold as the ultimate safe-haven asset, reinforcing its role as a hedge against inflation and geopolitical instability,” said Sean Hoey, Managing Director of IBV International Vaults London.

Hoey also noted “unprecedented demand” for secure gold storage, a trend unlikely to fade as new tariffs are expected to be announced during Trump’s “Liberation Day” speech at 7 AM AEDT tomorrow.

Australian exports—including beef, sheep, pharmaceuticals, and media—could face significant trade penalties if the updated list of US grievances is enforced.

Speculation is growing that Trump may abandon his “reciprocal tariffs,” which match foreign import fees dollar for dollar, in favor of broader blanket tariffs.