<![CDATA[The re-escalation of the US–China tariff war in 2025 intensified global market uncertainty and reshaped investor behavior across commodity and equity markets. Amid escalating trade tensions, gold prices surged to USD 3,433 per ounce in April 2025, while major stock indices, including the S&P 500 and the Indonesian Sharia Stock Index (ISSI), declined. This study investigates the impact of the 2025 US–China tariff conflict on global gold price movements and evaluates these dynamics from the perspective of Islamic economics. Employing a qualitative-descriptive approach based on literature review, the study synthesizes secondary data on gold prices, equity indices, trade policy developments, and relevant Sharia principles. The findings indicate that gold acted as a short-term safe-haven asset during the escalation phase but lost part of this function during the de-escalation period in May 2025, when market sentiment improved and equity prices recovered. From an Islamic economics perspective, gold remains a legitimate instrument for wealth protection (hifz al-mal), provided that investment practices avoid riba, gharar, and maysir. These findings underline the importance of prudence, long-term asset preservation, and the strengthening of Sharia-compliant gold investment instruments under geopolitical uncertainty.]]>
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