In turbulent times, when trade tensions escalate and political decisions shake the foundations of the markets, gold is once again at the center of the financial spotlight. With the recent tariffs imposed by US President Donald Trump, many investors have begun to consider gold again as a strategic investment capable of protecting their assets against uncertainty.
The Trump-led tariff escalation has caused global concern. The repercussions on stock markets, currencies, and sovereign debt have been considerable, with gold being one of the main beneficiaries. Below, we take an in-depth look at this trend, explaining why many are turning to gold, how the economic environment is affecting the value of the precious metal, and what ways there are to invest in it safely.
Gold as a safe haven in the face of the tariff storm
Gold has always been considered a safe haven asset, That is, a type of investment that tends to maintain or increase its value in times of crisis. Unlike currencies, whose values ​​are subject to the control of governments and central banks, gold is decentralized and tends to react positively to times of economic or geopolitical tension.
In the current case, the tariffs imposed by Trump, some exceeding 100%, have had a direct impact on global stock prices, especially in the industrial and technology sectors. This has sown fears of a recession, runaway inflation, and a new trade war with China, Mexico, Canada, and the European Union.
Faced with this scenario, Investors have begun to move away from risky assets like certain stocks and have sought refuge in more defensive options, with gold being the preferred alternative for many.
The evolution of the gold price in 2025
Since the beginning of the year, the price of gold has appreciated by 20,98%, reaching unprecedented levels. The price of an ounce surpassed $3.180 on April 10, following the White House's confirmation of a new package of tariffs on China.
This accelerated growth has been a direct consequence of the fear of a global recession, the fall of the dollar against other strong currencies and widespread uncertainty about how governments affected by the tariffs will respond. In addition, several analysts have noted that the Expectations of rate cuts by the Federal Reserve has made gold even more attractive by reducing the opportunity cost of holding positions in this asset compared to instruments that do generate interest.
In Europe, for example, gold (XAU/EUR) has reached a price above 2.900 euros per ounce, driven by the weakening dollar and the announcement of increased defense spending by several European countries.
Reasons why gold is strengthening in the face of tariffs
There are several factors that explain why The price of gold has risen after Trump's tariffs:
- Trade uncertainty: The barriers imposed encourage a slowdown in global trade, which reduces growth and pushes people to seek safe haven assets.
- Risk of stagflation: Tariffs raise consumer prices without real economic growth. This environment tends to favor gold.
- Weakening of the dollar: When priced in dollars, a weaker greenback makes gold more attractive to international investors.
- Volatility in other assets: Equities, especially US equities, have lost appeal following Trump's decisions, which has redirected funds toward gold.
How to buy gold as an investment
Investing in gold can be done in several ways, But not all are equal in terms of safety, ease, or cost-effectiveness. The two most common forms are:
- Physical purchase: Purchase gold bars or coins through authorized dealers. This option offers direct control over the metal, but also requires greater care in its storage.
- Financial purchase: Access gold through financial products such as ETFs (exchange-traded funds), mining company stocks, or derivatives. They are more liquid and easier to manage, but do not require physical ownership of the gold.
In any case, It is essential to verify the authenticity of the gold purchasedWhen it comes to bullion, they must have certifications such as the London Bullion Market Association (LBMA) Good Delivery certification, which specifies the purity of the metal, the manufacturer, the serial number, and the exact weight. This also applies when purchasing gold online, where you must confirm that the dealer is certified.
How to store gold safely
The storage of physical gold is one of the biggest concerns for those who decide to invest through the direct purchase of bullion.
There are multiple alternatives and each has its advantages and risks:
- Home safe: common solution, although vulnerable to theft.
- Bank safe deposit boxes: greater security, but it involves additional costs and less accessibility.
- Precious metals custody companies: These companies offer professional vault storage services, providing peace of mind to investors, albeit in exchange for a fee.
There are also hybrid options, such as purchasing gold that is never physically received, but is stored and insured in the buyer's name in a certified vault. This practice is common on specialized digital platforms.
Are there any risks to investing in gold?
Like any investment, gold also carries risks. Although its track record is positive in times of crisis, it is not exempt from fluctuations, especially in the short term. Its value is influenced by political decisions, currency movements, global monetary policy, and market supply and demand.
Furthermore, in the case of physical gold:
- Additional costs: such as transportation, custody and insurance can reduce profitability.
- Lack of standardization of the buyback price: may result in the investor getting less for their gold depending on the platform they use to sell it.
However, compared to other types of more volatile assets, Gold remains an important defensive option in unstable economic periods.
Alternative assets to gold in times of crisis
Along with gold, there are other assets that analysts consider defensive options in a context like the current one:
- Treasury bond: Traditionally considered safe, their performance has been unstable this time due to the perception of risk surrounding US debt. It has even been compared to emerging market debt due to the increase in fiscal deficits.
- Short-term fixed income: such as German treasury bills, which offer 2% yields at 3 months.
- Utilities or defensive companies: Companies such as Iberdrola, Endesa, and Naturgy have been considered solid reinforcements in times of stock market decline due to their low exposure to global trade and their guaranteed revenue model.
- Health or pharmaceutical sector actions: They tend to withstand moments of stress well due to the essential nature of their products.
- Safe haven currencies: such as the Swiss franc or the Japanese yen, which historically appreciate in the face of global instability.
And what about cryptocurrencies?
Cryptocurrencies have been considered by some investors as a modern alternative to gold. However, extreme volatility and lack of clear regulation This makes many experts not recommend them as a refuge in contexts like the current one.
Bitcoin behaves similarly to tech stocks. In fact, its recent performance has mirrored the Nasdaq's movements more than those of gold, so cannot be considered a direct substitute of the precious metal in terms of security or stability.
The impact of tariffs on the global macroeconomy
The impact of Trump's tariffs has been felt beyond the financial markets. Several experts estimate that The average increase in tariff rates in the US is around 31%., which could lead to a 1,5% drop in the country's GDP and a rise in inflation of more than 1%.
This has raised alarm bells in global financial institutions, which are already considering additional rate cuts and possible stimulus policies to counteract the negative effects. In parallel, the fear of retaliation from other countries could further worsen the outlook and lead to a global economic contraction.
Furthermore, the dollar's erratic behavior against other currencies further strengthens interest in gold and weakens demand for US debt. In this environment, China has even considered reducing its Treasury bond reserves, which could further complicate US financing in the medium term.
What is expected from gold in the coming months?
Many analysts agree that the price of gold may continue to rise If trade tensions persist and the Federal Reserve confirms further rate cuts, gold could reach new records if the tariff war escalates and the economy enters a recession.
However, if a trade agreement between the major powers is reached, Gold is likely to correct some of its gains.Therefore, experts recommend closely monitoring political developments in the U.S. and central bank decisions before making drastic investment decisions.
Whatever the outcome, what seems clear is that Gold has once again taken on a leading role in investment portfolios.Their behavior will continue to be a thermometer of fear in the markets.