Uncertainty about the global economy and Trump's tariff plans have triggered a sell-off in the US stock market.  And with this volatility in markets, strategists at BNP Paribas expect gold to be a beneficiary amid what it calls "Trump tariff chaos and geopolitical shifts.

Gold climbed as investors assessed the outlook for the US economy and the Federal Reserve interest-rate path following the latest inflation print and the start of President Donald Trump’s metal tariffs.

The measure raises a flat duty on steel and aluminium entering the US to 25% and ends all country exemptions to the levies. Several countries, including the UK and Australia, have tried to secure carve-outs without success.

Gold soared to a record high Thursday as US president Donald Trump threatened to impose huge tariffs on champagne, wine and other alcoholic products from European Union countries. The fresh threats added to global trade uncertainty pushing gold,

President Donald Trump officially increased tariffs on all steel and aluminum imports to 25% on Wednesday, promising that the taxes would help create U.S. factory jobs at a time when his seesawing tariff threats are jolting the stock market and raising fears of an economic slowdown.