Gold scaled a record peak today, as investors sought the safe-haven asset in response to escalating global trade tensions and tumbling equity markets, following U.S. President Donald Trump’s announcement of new auto tariffs.

Spot gold climbed 1% to $3,050.32 an ounce as of 01:40 p.m. ET (8:40 a.m. Hawaii time) after hitting an all-time high of $3059.30. Bullion has hit 17 record highs this year.

U.S. gold futures climbed 1.3% to settle at $3,061, also hitting an all-time high of $3,071.30 earlier in the session.

“Looks like we’re going to see (gold futures hit) $3,100 here shortly and the main catalyst is safe-haven buying,” driven by uncertainty around Trump’s tariff plans, said Bob Haberkorn, senior market strategist at RJO Futures.

Governments from Ottawa to Paris threatened retaliation after Trump unveiled a 25% tariff on imported vehicles, set to come into effect the day after he plans to announce reciprocal tariffs, aimed at the countries he says are responsible for the bulk of the U.S. trade deficit.

Global stock markets fell as shares in some of the world’s biggest carmakers tumbled.

Gold is also seeing support from strong central bank inflows and ETF demand, said Phillip Streible, chief market strategist at Blue Line Futures.

Investors are now awaiting the U.S. Personal Consumption Expenditures data due on Friday to gauge the trajectory for further rate cuts, after the Federal Reserve’s decision last week to hold its benchmark interest rate steady.

Gold is traditionally seen as a hedge against economic and political uncertainty and often thrives in a low-interest rate environment.

Goldman Sachs on Wednesday raised its end-2025 gold price forecast to $3,300 per ounce from $3,100, citing stronger-than-expected ETF inflows and sustained central bank demand.

Spot silver rose 1.7% to $34.27 an ounce after hitting their highest level since October 2024 earlier in the session.

Platinum was up 0.7% at $981 per ounce and palladium added 0.3% to $971.25.