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.

China imposed tariffs on US imports in a swift response to new US duties, escalating the trade war between the world's top two economies even as Trump offered reprieves to Mexico and Canada

Gold rose to a new all-time high after US President Donald Trump imposed tariffs on Canada, Mexico and China, driving investors to safe havens, ING’s commodity analysts Warren Patterson and Ewa Manthey notes.