Gold hit a record high as nervous investors rushed towards safe-haven assets on fears of widening global trade war. Donald Trump said he would impose a 10% baseline tariff on all imports to the US and higher duties on dozens of other countries.

Gold prices remained stable, poised for the fifth weekly gain as concerns over a global trade war driven by U.S. President Trump's tariffs boosted demand for safe-haven assets. Spot gold held at $3,109.

Gold dipped on Thursday as traders locked in profits after prices hit a record high, following a rush to safe-haven assets triggered by U.S. President Donald Trump's aggressive import tariffs, which escalated the already intense global trade war.