Gold climbed more than 1% on Monday, as U.S. President Donald Trump's latest tariff plans heightened fears of a global trade war, fuelling demand for the safe-haven metal and pushing bullion prices to record highs.

The price of gold broke another record this week. Here's why prospective investors should act before it rises again.

To be sure, as the threat of tariffs has escalated in recent months, gold GC00 has been in a strong bull market — surging above $2,900 this week for the first time ever. It is up more than 10% just since the beginning of the year and almost 45% over the past 12 months.

Gold rose to a record high after President Donald Trump said he would announce tariffs on steel and aluminum imports on Monday, adding to increasing uncertainty in global financial markets.

Gold prices firmed on Monday, and hovered near a record high hit in the previous session, as investors sought refuge in the safe-haven asset after U.S. President Donald Trump's decision to impose fresh tariffs sparked concerns of a global trade war.

Gold rose toward a record high after President Donald Trump said he would announce duties on steel and aluminum imports on Monday, adding to increasing uncertainty in global financial markets.