How tariff shocks impact gold

The 10% import surcharge of August 1971, steel tariffs in March 2002, steel and aluminum tariffs in March 2018, and the reciprocal tariffs of April 2025.

A year after the announcement month, gold was higher in three of the four, with a median gain of 31.3%. The exception was 2018, down 1.8%.

Silver was higher in two, flat in one and lower in one. Four cases are too few to call a pattern.