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.

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.

Gold prices hit a record high on Tuesday, spurred by safe-haven demand as U.S. President Donald Trump's new tariffs on steel and aluminum imports heightened concerns about a possible global trade war.

Gold steadied after swinging wildly during Asian trading hours, as fears of a global trade war pushes the precious metal to record highs.