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.

Further, US-based investors are worried that the President might impose tariffs on imports of the precious metal as well, which would cause the price of the safe-haven asset to skyrocket. This has set of a chain effect, sending prices of gold futures higher.

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.

Gold futures finished at a new record high on Monday, as tariffs dominated the day's action in U.S. markets, with the uncertainty around President Trump's tariff plans driving investors toward gold as a safe-haven asset, and traders speculating that physical metal prices have room to move up further.

Gold ETFs have been left looking less shiny as President Trump’s trade tariffs take effect. But, they could regain their traditional place as a

Gold futures set a fresh record in volatile trading as traders digested U.S. President Trump’s tariff plans.