Gold prices have reached a record high, exceeding $3000 per ounce for the second time within a week, driven by heightened demand from investors seeking safe havens amid economic uncertainties exacerbated by recent U.S. tariff policies.

As of 02:49 GMT, gold in spot transactions rose by 0.2% to $3008.08 per ounce, following an earlier session peak of $3012.05 per ounce.

This marks the first instance of gold crossing the $3000 threshold since Friday.

U.S. gold futures also advanced, increasing by 0.4% to $3017.60. Gold is traditionally regarded as a hedge against geopolitical instability, with prices climbing more than 14% since the start of the year.

Under President Donald Trump's administration, which began in January 2025, gold has reached record heights 14 times, reflecting a surge in safe-haven demand spurred by ongoing trade tensions.

Trump has proposed a series of U.S. tariffs, initiating with a fixed 25% tariff on steel and aluminum, which came into effect in February.

Additional tariffs on specific sectors are scheduled to be implemented starting April 2. Analysts have cited the combination of a weakening dollar and ongoing tariff uncertainties as primary factors fueling gold's ascent.

The dollar index has fallen to a five-month low, making gold more affordable for foreign buyers.

In the realm of other precious metals, silver rose by 0.2% to $33.89 per ounce, while platinum increased by 0.5% to $1004.65, and palladium also gained 0.5%, reaching $969.6.