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.