Key Takeaways Gold price surged to a fresh record past $2,900 Monday as President Trump announced 25% tariffs on steel and aluminum imports and investors brace for inflation data later this week.Since breaking out above a symmetrical triangle last month,

Gold prices soared to a record high on Tuesday, as investors flocked to the safe-haven asset after U.S. President Donald Trump imposed new 25% tariffs on steel and aluminium imports, fuelling concerns over a potential trade war and inflation.

To be sure, as the threat of tariffs has escalated in recent months, gold GC00 has been in a strong bull market — surging above $2,900 this week for the first time ever. It is up more than 10% just since the beginning of the year and almost 45% over the past 12 months.