Gold prices have risen amid escalating trade tensions following U.S. President Donald Trump's announcement of a 100% tariff on semiconductors and a doubling of tariffs on India. The increase in tariffs has heightened safe-haven demand for gold, supported further by a weaker U.S. dollar driven by concerns over stagflation, expectations of a Federal Reserve rate cut, and questions about the Fed's institutional credibility. The tariff measures have also positively impacted the South African rand, which has strengthened alongside rising gold prices.