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 after US President Donald Trump imposed tariffs on Canada, Mexico and China, driving investors to safe havens, ING’s commodity analysts Warren Patterson and Ewa Manthey notes.

In the past financial year, the value of the RBA’s gold reserves grew by 22 per cent to $9 billion, but it could have been far higher.