Gold rose to a record high, after advancing by almost 1% in the previous session, as the opening salvos of the US-China trade war stoked haven demand.

Gold rose to a new all-time high after US President Donald Trump’s 10% tariffs on China prompted swift retaliation from Beijing, buoying haven demand.Bullion gained as much as 1% to $2,844.35 an ounce,

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.