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 hit a record high after President Donald Trump imposed 25% tariffs on all US steel and aluminum imports, adding to uncertainty across global markets that’s boosting demand for havens.