Gold rose to a new all-time high after US President Donald Trump’s 10% tariffs on China prompted swift retaliation from Beijing, buoying haven demand.

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 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.