Gold hits new record above $4,900 as safe haven trade resumes after tariff pause

Gold surged nearly 2% on Thursday afternoon, climbing to a fresh all-time high above $4,900 as investors returned to traditional safe havens. Silver also pushed to new record levels above $96, extending a multi-month rally that has seen precious metals print successive highs almost daily.

The rally came despite a brief pullback on Wednesday after President Donald Trump said he would halt proposed 10% tariffs on NATO nations. That announcement initially eased risk concerns and pushed gold and silver lower, but the move proved short-lived.

Investors quickly returned to safe-haven positioning, driving both metals to fresh all-time highs by Thursday afternoon.

The rebound highlights a broader trend seen in recent months, with gold and silver continuing to attract defensive flows amid persistent geopolitical and policy uncertainty. Even as tariff fears briefly cooled, investors appeared reluctant to rotate out of precious metals.

Bitcoin has not followed that trend. Bitcoin remains stuck near the $90,000 level after plunging below it on Tuesday. Prices briefly recovered toward $95,000 last week but pulled back again following tariff headlines.

Bitcoin has been unable to reclaim that key resistance, weakening its positioning as a defensive asset relative to gold.

Risk assets reacted more favorably to the tariff pause. US equities advanced, with the S&P 500 and Nasdaq both rising nearly 1% as investors welcomed the halt in trade escalation and shifted back into stocks.