Gold Breaks New Record, Inches Closer to $3,000

Record-high gold prices came as demand for delivery at the Bank of England, the world’s second-largest custodian of bullion, surged.

A worker polishes gold bullion bars at Australia's ABC Refinery in Sydney on Aug. 5, 2020. David Gray/AFP via Getty Images

Gold prices hit new highs on Monday amid concerns about President Donald Trump’s proposed tariffs on steel and aluminum as well as reciprocal tariffs against foreign nations.

Spot gold prices hit a high of $2,905.92 per ounce on early morning trade Monday, breaking the previous high of $2,886.96 set on Friday. It was trading at around $2,898 as of 6:25 a.m. ET.