The gold price (PM:XAUUSD) rose today to hit an all-time high of 2,970.74, surpassing its previous record high in February.

The price has been driven up by persistent worries about President Trump’s tariffs. Fears of an economic fallout from his aggressive trade policies have seen the major stock markets fall, with gold being seen as a safe haven.

A growing acceptance that interest rates will be cut several times this year by the Federal Reserve has also contributed to increasing support for gold.

Trump’s 25% tariff on all steel and aluminum imports took effect on Wednesday. He stated they would rise to 50%, then reversed that decision. Meanwhile, the EU will impose tariffs on $28 billion worth of US goods from next month, while Canada announced 25% tariffs on more than $20 billion worth of US goods.

The uncertainty surrounding the tariffs, with constant changes being announced then reversed, has spooked the market – making gold an attractive haven.