Gold futures hit a new record early morning Tuesday as investors brace for changes to the economy.
Prices for the metal rose above $3,500 on Tuesday, peaking at a high of 3,578.40.
Gold futures’ new high comes days after a U.S. appeals court ruled that most of President Donald Trump’s global tariffs are illegal. But the court is giving the Trump administration time to file an appeal, ruling to let tariffs stay in effect until Oct. 14, Reuters reported.
Trump introduced his parade of global tariffs in April before setting new — and in some cases higher — rates for nearly 70 countries at the beginning of August.
Trump’s trade war has helped drive investor interest in the metal, since investing in gold is typically considered a safer option during periods of economic unrest.
Another contributor to gold’s historic peak is a potential forthcoming rate cut from the Federal Reserve.
During his highly anticipated Jackson Hole speech on Aug. 22, Fed chair Jerome Powell opened the door to a rate cut in September, saying the “balance of risks” had started shifting in a way that might “warrant adjusting our policy stance.”
Uncertainty surrounding the central bank’s future has caused skepticism among investors. In Trump’s most recent move against the bank , he fired Lisa Cook, a Federal Reserve Governor appointed by then-President Biden in 2022. Cook is now embroiled in a major legal battle that will test the Fed’s independence from the executive branch.
Gold futures have been rising for weeks. Trump announced on Aug. 11 that gold bars would be exempt from tariffs , days after a ruling from the U.S. Customs and Border Protection agency said gold bullion would be subject to tariffs .
The Financial Times reported that one-kilo and 100-ounce gold bars would be subject to trade taxes, according to a ruling letter dated July 31 from the CBP viewed by the publication.
Gold futures rose after both Trump’s announcement and agency’s ruling.
JPMorgan Chase put out a report in June that said it forecasts prices to average $3,675 per ounce by the fourth quarter of this year and inch up toward $4,000 by mid-2026.
—Joseph Zeballos-Roig contributed to this article.