Gold prices hit a new all-time high Wednesday as investors sought refuge in the safe haven following President Donald Trump’s sweeping tariffs that sent risk-on markets falling.
What happened: Spot gold rose 0.46% to $3,148.93 per ounce as of this writing, down slightly from the peak of $3,167 recorded earlier in the day. Gold futures on the Commodity Exchange were up 0.15% to $3,171.
With the latest uptick, the yellow metal extended its year-to-date gains to 20%.
The rise also boosted physical gold-backed cryptocurrencies. Tether Gold and PAX Gold rose 1.02% in the last 24 hours and over 20% since 2025 began.
In fact, the two cryptocurrency derivatives of gold were among the five most successful coins this year, far outperforming heavyweights like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
| Cryptocurrency | 24-Hour Gains +/- | YTD Gains +/- | Price (Recorded at 12:30 a.m. ET) |
| PAX Gold (CRYPTO: PAXG) | +1.02% | +20.16% | $3,167.24 |
| Tether Gold (CRYPTO: XAUT) | +1.02% | +20.93% | $3,171.20 |
See Also: ‘Greatest Of Them All’ TRUMP Memecoin Headed for Trump Media ETFs? Polymarket Bettors Think It’s Unlikely
Well-known cryptocurrency analyst Ali Martinez stated that DOGE was at a “make-or-break level.”
“If $0.16 holds, a rally to $0.57 could follow. If it fails, a drop to $0.06 becomes likely,” the analyst projected.
Gold bug and renowned economist Peter Schiff called gold a “true safe haven and store of value,” while highlighting the fall of Bitcoin, considered by some as a “digital gold.”
Capital markets tumbled after the scope and scale of Trump’s new reciprocal tariff structure exceeded Wall Street’s worst-case expectations. The new levies on imported goods would be set at 50% of what the trading partners charge the U.S.
Image via Shutterstock
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