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 prices erased early losses on Monday to remain close to record highs on safe-haven demand driven by growth and inflation concerns sparked by U.S. President Donald Trump’s tariffs on Mexico, Canada and China.

Phillip Streible, chief market strategist at Blue Line Futures, commented on the situation, and told Reuters, “It's the implications of the tariffs... a lot of people believe that this could raise inflation upwards and also impact economic growth because of the higher costs involved with that and tariffs leaving a stagflationary type environment.”