Under Trump's new tariff threats, gold prices surged significantly.

On May 23, gold prices climbed in the short term after U.S. President Trump threatened to impose new tariffs on the European Union, which exacerbated market uncertainty and increased demand for safe-haven assets. In a post on Truth Social, Trump said he proposed a 50 percent tariff on the European Union starting June 1 and complained that trade talks had stalled. Fawad Razaqzada, an analyst at Forex.com, said: "Without a fundamental shift in U.S. fiscal policy, the impact of higher borrowing costs and widening fiscal deficits means that the U.S. fiscal policy path is unstable, which could lead to increased market volatility." ”