Gold prices soared to a record high on Tuesday on safe-haven demand after U.S. President Donald Trump imposed fresh tariffs on steel and aluminum imports, which could fuel inflation further and escalate the potential for a global trade war. Ciara Lee reports.

Key Takeaways Gold price surged to a fresh record past $2,900 Monday as President Trump announced 25% tariffs on steel and aluminum imports and investors brace for inflation data later this week.Since breaking out above a symmetrical triangle last month,

To be sure, as the threat of tariffs has escalated in recent months, gold GC00 has been in a strong bull market — surging above $2,900 this week for the first time ever. It is up more than 10% just since the beginning of the year and almost 45% over the past 12 months.