Gold prices continued their record rally on Monday and broke through the key $2,900 level for the first time, driven by safe-haven demand as U.S. President Donald Trump's new tariff threats amplified trade war and inflation concerns.

Gold surged past $2,900 per ounce and aluminum, iron ore, copper and silver futures rose after President Donald Trump said he'd target metal imports.

President Donald Trump has proposed tariffs against several countries, including Mexico, Canada, and China, and recently suggested 25% tariffs on all aluminum and steel imports to the United States. While analysts are still uncertain about the economic impact of this sweeping trade strategy,

Gold rose to a new all-time high after US President Donald Trump said he would announce tariffs on steel and aluminum imports Monday, adding to increasing uncertainty in global financial markets.

Gold prices extended their winning run on Monday to hit another record high as U.S. President Donald Trump said he will impose 25% tariffs on all steel and aluminium imports.

Gold price rallied sharply and set a record high above $2,900 on Monday after the President of the United States (US), Donald Trump, enacted tariffs of 25% on base metals. Traders seeking safety pushed the non-yielding metal higher amid fears that Trump trade policies could derail the global economy and drive inflation higher.

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 firmed on Monday, and hovered near a record high hit in the previous session, as investors sought refuge in the safe-haven asset after U.S. President Donald Trump's decision to impose fresh tariffs sparked concerns of a global trade war.