Gold prices were pushed to record high levels on Monday after U.S. President Trump announced further trade tariffs on imports of aluminum and steel.

Spot gold rose 1.1% to a record high $2,892.30 an ounce, while gold futures expiring in April rose 0.9% to $2,916.05 an ounce.

On Sunday, Trump announced he will impose 25% trade tariffs on all aluminum and steel imports to the U.S. He also said he plans reciprocal tariffs, which would see U.S. import duties increased to match those imposed by the country’s other trading partners. This comes just days after the President’s 10% tariffs on imports from China took effect.

The new tariffs sparked market jitters with fears of a ramped up trading war between the world’s biggest economies. Worries of trade being disrupted and global growth suppressed spurred investors towards safe haven plays which boosted gold.

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