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London: Gold soared to a record high on Thursday as US president Donald Trump threatened to impose huge tariffs on champagne, wine and other alcoholic products from European Union countries.
The fresh threats added to global trade uncertainty pushing Gold, seen as a safe-haven investment, to an all-time high of $2,971 per ounce in afternoon deals, surpassing its late February record.
Trump's programme of tariffs and pledges to slash taxes, regulations and immigration has sparked market volatility and concerns that the measures could reignite inflation. This in turn could force the Federal Reserve to hike interest rates again and cause a recession.
Analysts pointed out that the latest US inflation figures, while welcome, had to be taken in context.
