Gold shot to a record high and stocks were subdued on Tuesday as investors braced for further shifts in U.S. trade policy and waited to hear from Federal Reserve Chair Jerome Powell on tariffs and inflation.

The SPDR Gold Shares, an exchange-traded fund that buys physical gold, was gaining a sharp 1.7% in morning trade. That’s after rising six straight weeks, its longest winning streak since 2020, FactSet data show. Forget bulls and bears: Call it a duck market.

Investors are weighing Trump's pledge on Sunday to introduce additional 25% tariffs on steel and aluminum from all countries.

Gold shot to a record high, the dollar was firm and stocks were subdued on Tuesday as investors braced for further shifts in U.S. trade policy and waited to hear from Federal Reserve Chair Jerome Powell on tariffs and inflation.

U.S. stocks closed higher as investors snatched up aluminum and steel shares on President Trump's plan for a 25% tariff on those imports.

Wall Street is taking President Donald Trump’s latest threat on tariffs in stride, on the whole, and U.S. stocks are rising on Monday. The S&P 500 was up 0.6% in morning trading, coming off a losing week that was bookended by worries about how potential tariffs could push up inflation and threaten the economy.

Gold prices extended their winning run on Monday to hit another record high as U.S. President Donald Trump said he will impose 25% tariffs on all steel and aluminium imports.