AP PHOTOS: Gold is swiftly transformed from ore to bars in Australia after weeks of record prices

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SYDNEY (AP) — The lustrous, metallic allure of gold has long fueled intrigue and in recent months its market fortunes have also reflected global geopolitical and economic tumult.

As markets have reeled over uncertainty about U.S. President Donald Trump’s tariffs, gold prices have registered record high after record high. Prices eased to a two-week low on Thursday after hitting a fresh peak in April, but gold’s price per troy ounce — the standard for measuring precious metals — was still close to $1,000 higher than a year earlier.

The price of spot gold is up more than 30% since the start of 2025, according to the data firm FactSet while stock prices have fallen. Historically, gold sales rise when investors seek so-called “safe havens” for their money, especially in times of turmoil.

That’s keeping miners in mineral-rich Australia busy. It has one of the world’s largest underground gold reserves and the journey of the precious metal from mines — most in the state of Western Australia — to retail stores in the form of gold cast bars with 99.99% purity takes only about a week.

After a year and a half of gains, gold ratcheted still higher after Trump announced steep increases in tariffs on goods arriving to the U.S. from around the world. Geopolitical tensions have also increased demand for gold from central banks.

Prices softened after the U.S. said imports of gold would not be subject to the administration’s global tariffs. But analysts say gold could continue to climb.

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Associated Press writer Charlotte Graham-McLay contributed from Wellington, New Zealand.