Gold prices hit an all-time high on Tuesday amid strong demand for safe havens driven by concerns that US retaliatory tariffs might fuel inflationary pressures and hinder economic growth.
Spot gold rose 0.2% to $3,131.00 per ounce, after hitting a record high of $3,148.88 earlier in the session.
Gold futures also gained to reach $3,158.50 per ounce.
In the previous session, gold prices recorded their highest quarterly performance since 1986.
"The anticipation of the April 2 US reciprocal tariffs has led market participants to lean towards a defensive stance, with some de-risking and turning to safe-haven gold as a hedge against impending portfolio volatility," IG market strategist Yeap Jun Rong said.
The uncertainty could sustain gold's traction for now, with buyers eyeing a retest of the $3,200 level, Rong added.
US President Donald Trump pledged to announce a comprehensive tariff plan on April 2, which he has dubbed the "Liberation Day." The retaliatory tariffs are expected to target all countries.
Source : Bloomberg
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