The price of gold has again reached an all-time high

The exchange price of an ounce of gold for the first time in history exceeded the mark of $3000.

The growth of quotations was fuelled by the increase in demand for safe assets in the world amid increased trade tensions.

The cost of gold reached a record high after US President Donald Trump imposed duties on metals.

In addition, investors revised their expectations regarding the state of the U.S. economy and the dynamics of interest rates in the Federal Reserve System after the publication of the latest inflation data.

Last Wednesday, the tariffs that Trump imposed on steel and aluminum imports came into effect.

This caused concern in Asian countries that rely on the exports and led to immediate retaliation from the European Union and Canada.

According to Yip Jun Rong, market strategist at UK-based IG Group, risk aversion in the market indicates that investors expect trade tensions to escalate further.

As such, they are once again turning to gold as a safe-haven asset that will help them protect themselves from market fluctuations.