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Trump's sweeping tariffs will go into effect on April 5, and his reciprocal tariffs will hit on April 9
Gold prices have set more than 15 records this year and achieve a nearly 19 percent increase year-to-date
U.S. economic slowdown and rising inflation could drive gold prices to $3,300 in the next months
Traders raised oil's risk premium, anticipating supply disruptions from Trump's actions and policies
Trump also plans to visit Qatar and the UAE during this trip
Both contracts gained over 2 percent so far this week and more than 7 percent since hitting multi-month lows in early March
Bullion gained 1.8 percent so far this week, placing it on track for a fourth straight weekly gain
The new tariffs will apply to vehicles assembled in countries with free-trade agreements with the U.S., such as Canada, Mexico, and South Korea
Tariffs that increase vehicle prices may suppress auto sales and, consequently, the demand for oil products
Gold prices are expected to reach $3,300 per ounce on stronger-than-expected ETF inflows and sustained central bank demand
Sheikh Mohamed and Trump noted the positive impact this development will have on the future of bilateral relations
American Petroleum Institute data showed that U.S. crude inventories fell by 4.6 million barrels last week
