Stock market today: Dow, S&P 500, Nasdaq tumble as 'Liberation Day' worries trap investors

Gold futures (GC=F) pared gains after rising to a fresh record on Monday as growing fears of an escalating trade war prompted investors to flock to the safe-haven asset.

Futures traded at around $3,133 an ounce, easing back somewhat after surpassing $3,150 earlier as stocks faltered. But the yellow metal is still up more than 18% for the first quarter, on pace for its best year-to-date performance since 1986.

Meanwhile, spot gold touched more than $3,127 an ounce ahead of reciprocal tariffs expected to be announced by the Trump administration on Wednesday.

Data suggesting sticky inflation released last week has supported higher gold prices, while the S&P 500 and Nasdaq have plummeted.

Wall Street analysts have been upping their price target on the precious metal. Goldman Sachs now forecasts a year-end target of $3,300 per troy ounce, “reflecting upside surprises in ETF inflows and in continued strong central bank gold demand.”

Bank of America predicts the precious metal will reach $3,500 per ounce over the coming 18 months under the assumption that investments will increase 10% through more buying from China and central banks, along with investors purchasing physically backed ETFs.