Gold prices surged to record highs amid concerns over Trump's tariffs, according to Reuters.

Gold prices have surged to an all-time high, exceeding 0.7%, reaching $2950 per ounce. Earlier during the session, the price of the metal was $2954.69, marking the tenth record high this year.

This is reported by Reuters.

Gold futures in the U.S. rose by 1.2%, reaching $2,970.7. According to Reuters, the metal, traditionally viewed as a safe-haven asset during times of uncertainty, has increased by 12% since the beginning of the year.

Analysts at Reuters note that the rise in the value of the precious metal is due to investor concerns regarding tariffs imposed by U.S. President Donald Trump.

Background. Earlier, Mind reported that gold prices soared to record highs amid negotiations concerning the war in Ukraine. The spot price of gold rose by 0.28%, setting a historic record.