Since President Trump's inauguration, gold prices have soared to over $2,900 per troy ounce, a 12% increase already in the year following a significant 27% rise last year. Increased demand for gold in New York has led to long wait times for bars, highlighting the precious metal's growing importance. Despite a solid labor market and record-setting U.S. stocks, fears surrounding Trump's policies on tariffs and immigration have contributed to the drive for gold as a safe haven asset, garnering attention even from the Trump administration.
Among the explanations for the gold rush are fears about Mr. Trump's policies on tariffs and deportations causing stronger inflation and worsening geopolitical tensions.
Gold has risen in the popular consciousness, too: Mr. Trump said on Wednesday that officials in his administration would go to Fort Knox to make sure the gold is there.
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