Trump’s 245% China Tariffs Push Gold Beyond The $3,300 Mark – Newmont, Barrick Stocks Gain Pre-Market

Spot gold rose 2.2% to $3,297.28 by 7:30 a.m. ET, after briefly crossing the $3,317 mark.
Representative image of molten gold pouring from furnace in South Africa
Representative image of molten gold pouring from furnace in South Africa (Photo by Charles O'Rear via Getty Images)
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Prabhjote Gill·Stocktwits
Updated Jul 02, 2025 | 8:31 PM GMT-04
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Gold prices surged to a record high Wednesday, topping $3,300 an ounce, as investors sought refuge in the safe-haven asset from escalating U.S.-China trade tensions. 

The rally sent the stocks of major gold miners sharply higher, with Barrick Gold (GOLD) and Newmont (NEM) shares gaining more than 3% each in pre-market trading. Meanwhile, SPDR Gold Shares ETF (GLD) shares rallied by over 2%.

The safe-haven rush came after the White House threatened to raise tariffs on Chinese goods to as high as 245%, up from the current 145%, in response to Beijing’s latest retaliatory measures. 

The U.S. also announced a national security investigation into America’s reliance on foreign critical minerals — materials vital to defense and semiconductor industries.

Spot gold rose 2.2% to $3,297.28 by 7:30 a.m. ET, after briefly touching $3,317.89. U.S. gold futures gained 2.3% to $3,314.40.

Meanwhile, Nasdaq futures fell more than 1%, with semiconductor stocks leading the decline. Nvidia (NVDA) dropped 6% in early trade after disclosing it could lose $5.5 billion in revenue from tightened U.S. export controls on AI chips to China.

Newmont was also buoyed by a BMO Capital upgrade to Outperform and a $63 price target on Tuesday. The brokerage said Newmont is stabilizing operations after a transformative year and remains under-owned by institutional investors.

Gold analyst Don Durrett said in a recent podcast episode that gold equities remain “unbelievably mispriced,” projecting bullion could climb to $4,000 as investors seek value amid bond market volatility.

Gold has gained nearly 26% year to date amid escalating trade war tensions. 

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