New York: Gold prices hit a record high today as investors flocked to safe-haven assets after US tariffs on steel and aluminum imports. Spot gold rose 1.1% at $2,939.80 per ounce, after hitting an all-time high of $2,942.70 in the previous session. US gold futures also rose 1.1% to $2,966 today.

According to Oman News Agency, among other metals, spot silver rose by 0.4% to $32.16 per ounce, platinum fell by 0.4% to $989.50, and palladium gained 0.4% to $986.97. US President Donald Trump signed two new executive orders that imposed 25% tariffs on US steel and aluminum imports without exceptions or exemptions, in a move that increases the risk of a trade war and worsening inflation.

During his first term, Trump imposed 25% tariffs on steel and 10% on aluminum, but he gave several trading partners partial exemptions from the tariffs through later exemption quotas. However, he stressed that there would be no exceptions this time.