price of gold hit a record high on Monday, as concerns about the escalation of global trade wars and uncertain geopolitical prospects have increased the attractiveness of gold as a safe haven asset and inflation hedge tool. Gold futures prices rose 1.3% in early trading to $3,154.40 per ounce. So far this year, gold has risen by more than 19% and its upward trend is expected to continue. Analysts at ANZ Bank's economic and market research department said, "Strong investment inflows, resilient physical demand, and increased central bank purchases will keep gold in a strong position." Traders are currently awaiting the scope of retaliatory tariffs that US President Trump is about to impose on major trading partners, which could increase inflationary pressures and potentially slow global economic growth.