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

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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Read also: Nvidia’s $5.5 Billion China Charge Triggers Price Target Cuts, But No Downgrades

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