Gold surged past $2,900 per ounce and aluminum, iron ore, copper and silver futures rose after President Donald Trump said he'd target metal imports.

Gold prices soared to a record high on Tuesday on safe-haven demand after U.S. President Donald Trump imposed fresh tariffs on steel and aluminum imports, which could fuel inflation further and escalate the potential for a global trade war.

Gold steadied after swinging wildly during Asian trading hours, as fears of a global trade war pushes the precious metal to record highs.