On January 31, 2025, gold prices surged to a record high, with spot gold maintaining a steady level at $2,793.84 per ounce and peaking at $2,799.71 earlier in the session. This increase is attributed to mounting concerns over U.S. tariffs, particularly President Donald Trump’s announcement of a 25% tariff on imports from Mexico and Canada. Investors are turning to gold as a safe-haven asset amid these geopolitical tensions. Market participants are also anticipating the U.S. personal consumption expenditures report for further insights into interest rate movements, which could influence gold prices further. U.S. gold futures experienced a slight rise, while other precious metals like silver, palladium, and platinum showed mixed movements. Analysts suggest that continuous tariff threats could push gold prices even higher, potentially beyond $2,800 per ounce.