The precious metal reached an all-time high US$3,500.10 an ounce before pulling back to US$3,467.87.

Gold has hit a series of record highs in recent weeks as investors seek refuge amid a weakening dollar and following sharp losses across stock markets.

Trump’s tariffs have sparked a trade war with China, the world’s second biggest economy after the US.

Gold is up more than 30% since the start of the year.

The “rally reflects ongoing recession fears in the US economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve chair Jerome Powell”, noted Rania Gule, senior market analyst at trading group XS.com.

“These attacks have raised concerns about the independence of monetary policy, pushing investors toward gold as a store of value in uncertain times.”

Trump yesterday called Powell a “major loser” for not cutting interest rates in a social media post, underscoring questions about whether the president will seek to fire the Fed chief after threatening such action last week.