On July 14, 2025, US President Trump has been announcing new tariffs on various countries one after another, leading to a surge in safe-haven sentiment in the international financial markets. This has resulted in both gold and silver prices strengthening. On Monday, July 14, the price of gold rose to a three-week high, while the price of silver reached a new 14-year high, showing that investors are seeking safe assets to combat uncertainty.
Spot gold climbed to $3,361.42 per ounce during the Asian session on Monday, while gold futures were reported at $3,374, continuing the upward trend from last week and hitting highs not seen since June 23.
Several media analyses attribute this surge to the Trump administration’s push for a new round of tariffs, including the announcement of a 30% import tariff on the EU and Mexico starting from August 1, as well as additional tariffs on imported goods from South Korea, Japan, Brazil, and copper.
Moreover, Trump also mentioned providing defensive weapons to Ukraine and potentially strengthening sanctions against Russia, heightening market awareness of geopolitical risks and increasing the appeal of gold as a safe-haven asset once again.
Not only has the price of gold risen, but silver has shown even stronger momentum recently. On Monday, during the Asian session, spot silver rose by 1.6%, continuing a 4% increase from last week and reaching its highest level since 2011.
Statistics show that silver has risen by 35% so far this year, surpassing gold’s 28% increase.
Analysts point out that silver also possesses hedging properties, and its demand in industrial applications like solar panels makes it an attractive alternative asset for investors amid escalating geopolitical risks and potential tariff pressures.
Priyanka Sachdeva, an analyst at Phillip Nova Pte Ltd, stated, “Gold prices have already risen significantly, and the current prices are high, leading many investors to shift towards silver.”
She added that while silver is not currently included in the tariff scope, “US physical and industrial buyers want to secure supply ahead of any possible tariffs.”
Looking ahead to this week, investors are focusing on the US Consumer Price Index (CPI) data for June, which is set to be released on Tuesday. This data will influence market expectations of the Federal Reserve’s interest rate policy. The market currently anticipates a rate cut of around 50 basis points by the end of the year.
On Monday, the US dollar index rose by 0.1%, which may partially limit the rise in gold prices. However, the dual impact of geopolitical conflicts and trade wars continues to keep precious metals in the spotlight as safe-haven assets.
Kelvin Wong, Senior Market Analyst for Asia Pacific at OANDA, stated, “Due to the uncertainty brought on by the US global trade tariff policies, we’re seeing a resurgence in safe-haven demand.”
He added, “The short-term outlook for gold looks optimistic, and if the closing price of gold can be above $3360 per ounce, there might be further upside towards the next resistance zone at $3,435 per ounce.”
(This article was referenced from relevant reports by Reuters and Bloomberg)