Gold prices hit an all-time high on Monday, bolstered by safe-haven inflows after U.S. President Donald Trump's tariffs on Canada, China and Mexico added to concerns of inflation that would dent economic growth.

Gold rose to a new all-time high amid a rush to safer assets after US President Donald Trump imposed tariffs on Canada, Mexico and China, while threatening to do the same against the European Union.

Gold price hit a record high on Monday after the US initially scheduled tariffs on Canada, Mexico and China, sparking flows toward the non-yielding metal's safe-haven appeal. At the time of writing, XAU/USD trades at $2,821 above its opening price by 0.87%.