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Melody Chen and Bloomberg

Gold prices jumped more than 1 percent yesterday to hit a record high, as safe-haven demand surged on fears of a global trade war after US President Donald Trump announced new tariff plans.

Spot gold was up 1.4 percent at US$2,900.39 (HK$22,620) per ounce, as of 0924 GMT, after hitting a record high of US$2,903.08 earlier in the session - its seventh record this year.

"The precious metal is set to retain its upward bias, as long as President Trump's policy threats continue to stoke fear and uncertainty through global financial markets," said Exinity chief market analyst Han Tan.