Gold after “Liberation Day” tariffs (2 Apr 2025)
After “Liberation Day” tariffs on 2 Apr 2025, gold was 12.0% higher three months on and 58.3% higher twelve months on, measured from the Mar 2025 monthly average of $2,983 a troy ounce.
- Gold before
- $2,983
- Mar 2025
- Gold +3 months
- +12.0%
- Gold +12 months
- +58.3%
- Silver +12 months
- +128.6%
In context
Sweeping US tariffs were announced; stocks slid and gold set new records within weeks.
Over the same months silver was 13.6% higher three months on and 128.6% higher twelve months on.
Of the 29 market or central-bank moments on the chart with a full year after them, this ranks 2nd for gold twelve months on.
The market or central-bank moment before it on the chart: Fed’s first cut of the cycle (18 Sep 2024).
The one after: Moody’s strips the last AAA (16 May 2025).
Monthly average prices in U.S. dollars per troy ounce (Kitco.com and the World Bank Pink Sheet), from the last full month before a period to its last full month; the record runs Feb 1971 to Oct 2026. What the record did, not a forecast. Source: en.wikipedia.org.
Updated Oct 2026 · record through Oct 2026