Gold hits Record High amid growing demand for safe-haven assets

Gold bars

Gold prices rose on Thursday, hitting a new record high as investors flocked to safe-haven assets amid global trade war concerns and accelerating inflation fueled by Trump's trade policies.

Gold futures for April delivery rose by 0.93%, or $27.3, to $2,963.40 per ounce as of 9:59 am KSA time. Meanwhile, spot gold prices climbed 0.52% to $2,947.87 per ounce, scaling a fresh all-time high.

Silver futures for March delivery added over 1% to $33.395 per ounce. Similarly, spot platinum edged up 0.12% to $976.95 per ounce.

This rally comes after gold declined on Feb. 19 due to profit-taking, but rebounded following US President Donald Trump’s statements this week about his plans to impose tariffs on automobile imports, semiconductor chips, and pharmaceuticals.

Trump's protectionist stance raised fears of a global trade war and heightened inflationary pressures worldwide.