NEW YORK (AP) — As economic uncertainty deepens worldwide, gold prices have notched more and more record highs.
That's because gold sales can rise sharply when anxious investors seek “safe havens” for parking their money. Gold's current rally arrives as U.S. President Donald Trump continues to announce new tariffs on economic allies and foes alike, roiling financial markets into volatility and threatening to reignite inflation for families and businesses alike.
On Tuesday, the International Monetary Fund said that outlooks for economies worldwide, including the U.S., have significantly worsened in the wake of Trump's sweeping tariffs and the uncertainty they have created. And Trump's recent threats suggesting he can remove Federal Reserve Chair Jerome Powell have only put investors more on edge.
If trends continue, analysts say the price of gold could continue to climb into unprecedented territory.
Here's what to know.
The going price for New York spot gold hit a record $3,424.24 per troy ounce — the standard for measuring precious metals — as of close Monday. That’s about $1,097 higher than a year ago.
The price of spot gold is up more than 30% since the start of 2025, per the data firm FactSet. By contrast, the stock market has tumbled. The benchmark S&P 500 is down over 12% this year.
Gold futures also reached a record early Tuesday, briefly surpassing the $3,500 mark for the first time before falling back below $3,400 by late afternoon.
A lot of it boils down to uncertainty. Interest in buying gold typically spikes when investors become anxious — and there's been a lot of economic turmoil in recent months.
The heaviest uncertainty lies with Trump's escalating trade wars. The president's on-again, off-again new levy announcements and retaliatory tariffs from some of the nation's closest traditional allies have created a sense of whiplash for both businesses and consumers — who economists say will foot the bill through higher prices.
Consumer confidence and global economic outlooks have deteriorated as a result. On Tuesday, the IMF said that the global economy will grow just 2.8% this year, down from its forecast in January of 3.3%. And for the U.S. specifically, the fund expects growth will come in at just 1.8% this year, down sharply from its previous forecast of 2.7%. China, which currently faces the heaviest levies from the U.S., is also expected to see weakened growth.
Last week, Trump also renewed threats suggesting he could remove Powell — and has since stepped up his public criticism of the Fed chair for not cutting interest rates. Any attempt to unseat Powell would likely set off a crisis in global financial markets over fears that a less independent Fed could struggle to keep inflation under control — making investors all the more anxious.
Over the last year, analysts have also pointed to strong gold demand from central banks around the world amid other ongoing geopolitical tensions, including the wars in Gaza and Ukraine.
Advocates of investing in gold call it a “safe haven” — arguing the commodity can serve to diversify and balance your investment portfolio, as well as mitigate possible risks down the road. Some also take comfort in buying something tangible that has the potential to increase in value over time.
Still, experts caution against putting all your eggs in one basket. And not everyone agrees gold is a good investment. Critics say gold isn’t always the inflation hedge many say it is — and that there are more efficient ways to protect against potential loss of capital, such as derivative-based investments.
The Commodity Futures Trade Commission has also previously warned people to be wary of investing in gold. Precious metals can be highly volatile, the commission said, and prices rise as demand goes up — meaning “when economic anxiety or instability is high, the people who typically profit from precious metals are the sellers.”
And even gold's current rally has seen some volatility. The price of spot gold fell for several days following Trump’s sweeping “Liberation Day” announcement on April 2, for example.
If you do choose to invest in gold, the commission adds, it’s important to educate yourself on safe trading practices and be cautious of potential scams and counterfeits on the market.
FILE - In this Tuesday, July 22, 2014, file photo, gold bars are stacked in a vault at the United States Mint, in West Point, N.Y. (AP Photo/Mike Groll, File)
DUBAI, United Arab Emirates (AP) — U.S. President Donald Trump said Iran wants to negotiate with Washington after his threat to strike the Islamic Republic over its bloody crackdown on protesters, a move coming as activists said Monday the death toll in the nationwide demonstrations rose to at least 544.
Iran had no immediate reaction to the news, which came after the foreign minister of Oman — long an interlocutor between Washington and Tehran — traveled to Iran this weekend. It also remains unclear just what Iran could promise, particularly as Trump has set strict demands over its nuclear program and its ballistic missile arsenal, which Tehran insists is crucial for its national defense.
Meanwhile Monday, Iran called for pro-government demonstrators to head to the streets in support of the theocracy, a show of force after days of protests directly challenging the rule of 86-year-old Supreme Leader Ayatollah Ali Khamenei. Iranian state television aired chants from the crowd, who shouted “Death to America!” and “Death to Israel!”
Trump and his national security team have been weighing a range of potential responses against Iran including cyberattacks and direct strikes by the U.S. or Israel, according to two people familiar with internal White House discussions who were not authorized to comment publicly and spoke on condition of anonymity.
“The military is looking at it, and we’re looking at some very strong options,” Trump told reporters on Air Force One on Sunday night. Asked about Iran’s threats of retaliation, he said: “If they do that, we will hit them at levels that they’ve never been hit before.”
Trump said that his administration was in talks to set up a meeting with Tehran, but cautioned that he may have to act first as reports of the death toll in Iran mount and the government continues to arrest protesters.
“I think they’re tired of being beat up by the United States,” Trump said. “Iran wants to negotiate.”
He added: “The meeting is being set up, but we may have to act because of what’s happening before the meeting. But a meeting is being set up. Iran called, they want to negotiate.”
Iran through country's parliamentary speaker warned Sunday that the U.S. military and Israel would be “legitimate targets” if America uses force to protect demonstrators.
More than 10,600 people also have been detained over the two weeks of protests, said the U.S.-based Human Rights Activists News Agency, which has been accurate in previous unrest in recent years and gave the death toll. It relies on supporters in Iran crosschecking information. It said 496 of the dead were protesters and 48 were with security forces.
With the internet down in Iran and phone lines cut off, gauging the demonstrations from abroad has grown more difficult. The Associated Press has been unable to independently assess the toll. Iran’s government has not offered overall casualty figures.
Those abroad fear the information blackout is emboldening hard-liners within Iran’s security services to launch a bloody crackdown. Protesters flooded the streets in the country’s capital and its second-largest city on Saturday night into Sunday morning. Online videos purported to show more demonstrations Sunday night into Monday, with a Tehran official acknowledging them in state media.
In Tehran, a witness told the AP that the streets of the capital empty at the sunset call to prayers each night. By the Isha, or nighttime prayer, the streets are deserted.
Part of that stems from the fear of getting caught in the crackdown. Police sent the public a text message that warned: “Given the presence of terrorist groups and armed individuals in some gatherings last night and their plans to cause death, and the firm decision to not tolerate any appeasement and to deal decisively with the rioters, families are strongly advised to take care of their youth and teenagers.”
Another text, which claimed to come from the intelligence arm of the paramilitary Revolutionary Guard, also directly warned people not to take part in demonstrations.
“Dear parents, in view of the enemy’s plan to increase the level of naked violence and the decision to kill people, ... refrain from being on the streets and gathering in places involved in violence, and inform your children about the consequences of cooperating with terrorist mercenaries, which is an example of treason against the country,” the text warned.
The witness spoke to the AP on condition of anonymity due to the ongoing crackdown.
The demonstrations began Dec. 28 over the collapse of the Iranian rial currency, which trades at over 1.4 million to $1, as the country’s economy is squeezed by international sanctions in part levied over its nuclear program. The protests intensified and grew into calls directly challenging Iran’s theocracy.
Nikhinson reported from aboard Air Force One.
In this frame grab from video obtained by the AP outside Iran, a masked demonstrator holds a picture of Iran's Crown Prince Reza Pahlavi during a protest in Tehran, Iran, Friday, January. 9, 2026. (UGC via AP)
In this frame grab from footage circulating on social media from Iran shows protesters taking to the streets despite an intensifying crackdown as the Islamic Republic remains cut off from the rest of the world in Tehran, Iran, Friday, Jan. 9, 2026.(UGC via AP)
In this frame grab from footage circulating on social media from Iran showed protesters once again taking to the streets of Tehran despite an intensifying crackdown as the Islamic Republic remains cut off from the rest of the world in Tehran, Iran, Saturday Jan. 10, 2026. (UGC via AP)
