That makes Trump’s claim “he who has the gold makes the rules” feel like more than just a negotiating mantra. It’s also a reminder of gold’s enduring appeal in times of crisis. Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, recently highlighted gold’s purpose in a resilient portfolio.

Gold prices extended gains in afternoon trade as concerns over President Trump’s latest tariff announcements boost the precious metal’s appeal as a safe-haven asset during times of market uncertainty.