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A historic surge to records as tariffs met returning ETF demand.

April was one of the year's pivotal months. Sweeping new US 'reciprocal' tariffs at the start of the month roiled global markets and sent gold to repeated record highs — toward roughly $3,500 — on three reinforcing forces: relentless central-bank buying, the strong return of ETF investors, and a spike in geopolitical and trade risk.

The April rally is best understood as three engines firing together. First, central banks — buying above 1,000 tonnes a year — kept diversifying reserves away from the dollar. Second, Western ETF investors, absent for years, moved money back into gold in size. Third, the tariff shock and assorted international conflicts drove acute safe-haven demand. With structural, price-insensitive buyers and tactical traders all pulling the same direction, gold entered a near-vertical, historic rally.