Gold prices surged to a record high on Tuesday as investors piled into safe-haven assets amid fears of a trade war and inflation after US President Donald Trump announced a new 25% tariff on imported steel and aluminum on Monday.
Spot gold rose 1.1 per cent to $2,939.8 an ounce as of 2.29am GMT, after hitting a record high of $2,942.7 earlier in the session, according to Reuters. U.S. gold futures also rose 1.1 percent to $2,966.
Trump on Monday announced a steep increase in tariffs on steel and aluminum imports to 25 percent, aimed at helping struggling U.S. industries. The price of gold has hit its eighth all-time high this year amid Trump's tariff threat.
Driven by the Trump administration's push to relax financial regulations and the recovery of investment banking business, the market value of the six major banks in the United States has cumulatively increased by approximately 600 billion US dollars by 2025.
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