Gold has been one of the strongest performing commodities this year. (Photo by Akos Stiller/Bloomberg)
Singapore: Gold hit a record high on Thursday as investors flocked to safe-haven assets following US President Donald Trump's announcement of higher-than-expected tariffs on major trading partners, broadening the scope of the global trade war.
Spot Gold rose 0.4% to $3,145.93 per ounce, after hitting an all-time high of $3,167.57 earlier in the session. US Gold futures also gained 0.1%, reaching $3,170.70.
On Wednesday, Trump announced he would impose a 10% tariff on all imports into the US and higher tariffs on dozens of countries, including some of the United States' largest trading partners, further intensifying the trade war that is shaking global markets.
Gold is typically seen as a hedge in times of political and financial uncertainty.
The price of Gold surged more than 19% since the start of the year, driven by the uncertainty surrounding tariffs, the potential for interest rate cuts, geopolitical tensions, and purchases by central banks.
As for other precious metals, silver fell 1.2% in spot trading to $33.61 per ounce, platinum dropped 0.8% to $975.93, and palladium declined 0.6% to $964.56.
