Gold prices scaled an all-time high on Friday, briefly touching the $2,800 mark, as market participants rushed to the safe-haven asset after U.S. President Donald Trump reiterated his tariff threats.

Gold futures set a fresh record on safe-haven demand, a weaker U.S. dollar and lower Treasury yields. The April gold contract, the most-active futures contract on the New York Mercantile Exchange, settled up 2.

The April gold futures contract on the New York Mercantile Exchange exploded by 2.7% today, closing at $2,845.20 per troy ounce. Earlier, it even touched an intraday high of $2,853.20, which is an all-time high.

Gold prices surpassed the key $2,800 mark for the first time on Friday, fuelled by a rush to safety following U.S. President Donald Trump's tariff threats, which heightened concerns about global economic growth and inflationary pressures.

Gold hit a new all-time high as the dollar pushed lower and traders sought safety amid concerns over President Donald Trump’s tariff measures.