Gold prices briefly hit a record high in Asian trade on Thursday, as threats of more trade tariffs from U.S. President Trump ignited demand for a safe haven.

Spot gold rose 0.3% to $2,940.96 an ounce, briefly hitting a record high of $2,947.23 an ounce earlier in the session. Gold futures expiring in April rose 0.2% to $2,957.80 an ounce.

However, dollar resilience stopped gold pushing higher, following hawkish signals from the minutes of the Federal Reserve’s January meeting.

On Wednesday, President Trump said his planned 25% tariffs on automobiles, pharmaceuticals and semiconductors would be enacted in the next month. This ramped up concerns that the tariffs will disrupt global trade and spark a renewed trade war between the world’s biggest economies.

However, Trump did say that a trade deal with China is still possible, despite his recent imposition of 10% tariffs on the country, which sparked retaliation from Beijing.

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