Doha: Gold prices firmed on Monday, and hovered near a record high hit in the previous session, as investors sought refuge in the safe-haven asset after US President Donald Trump’s decision to impose fresh tariffs sparked concerns of a global trade war. Spot gold was up 0.3% at $2,868.66 per ounce, after hitting a record high of $2,886.62 on Friday. US gold futures rose 0.2% to $2,894.00.

According to Qatar News Agency, spot silver was steady at $31.82 per ounce, platinum fell 0.3% to $973.60, and palladium was up 0.4% at $968.29. The movement in precious metals comes as Trump announced that he will impose new 25% tariffs on all steel and aluminum imports into the US. These tariffs would be in addition to the existing duties on metals, and Trump indicated he plans to announce additional customs duties on several countries in the coming hours.

Investors are closely watching these developments, as the potential for a global trade war could have significant implications for the global economy. The increased demand for gold is seen as a reaction to the uncertainty and volatility in the market, as investors seek stability in the midst of geopolitical tensions.