Gold price hit a record high on Monday after the US initially scheduled tariffs on Canada, Mexico and China, sparking flows toward the non-yielding metal's safe-haven appeal. At the time of writing, XAU/USD trades at $2,821 above its opening price by 0.87%.

Gold prices surpassed the key $2,800 mark for the first time on Friday, fuelled by a rush to safety following U.S. President Donald Trump's tariff threats, which heightened concerns about global economic growth and inflationary pressures.

Gold prices rose to hit a lifetime high on Thursday while the focus was also on a crucial inflation report for clues on the Fed's policy path.

Gold is on track for its best monthly performance since March last year as sentiment remains strong and participants consider the possible influence of American politics. Both it and the dollar remained strong this week as the Federal Reserve (‘the Fed’) held rates and the European Central Bank (‘the ECB’) cut as expected.

Gold prices hit an all-time high on Monday, bolstered by safe-haven inflows after U.S. President Donald Trump's tariffs on Canada, China and Mexico added to concerns of inflation that would dent economic growth.

Gold rose to a new all-time high amid a rush to safer assets after US President Donald Trump imposed tariffs on Canada, Mexico and China, while threatening to do the same against the European Union.