Gold (GC=F) climbed to its highest intraday level since early November, with traders monitoring the outlook for the global economy as President Donald Trump continued to sketch out his views on trade and immigration policies.

Bullion traded around $2,754 an ounce after surging 1.4% in the previous session, as Trump’s tariff threats bolstered demand for haven assets. He later said that he is considering placing a 10% levy on Chinese goods in retaliation for the flow of fentanyl from the country, and reiterated he intends to hit Canada and Mexico with import duties as high as 25% in coming weeks.

Investors are focused on the implications of the Trump administration’s tariff and tax cut policies, which would likely erode the nation’s finances and reignite inflation. That may limit the Federal Reserve’s ability to keep easing monetary policy. Higher borrowing costs typically pose a headwind for bullion, as it does not pay interest.

Gold set a series of records in 2024, with gains driven by the Fed’s pivot to looser monetary policy, geopolitical tensions, and central-bank buying. The precious metal may yet receive a further boost from demand for safe-haven assets amid concerns about the new president’s immigration policy, as well as scope for increasingly fraught US relations with other nations.

Spot gold rose 0.3% to $2,754.04 an ounce at 6:12 a.m. in London. The Bloomberg Dollar Spot Index was little changed. Silver, platinum, and palladium prices rose.