Gold prices soared above $3,000 for the second time in a week as investors turned to the precious metal as a safe haven amidst economic uncertainties driven by President Trump's tariff policies. The record high reached was $3,005.09 per ounce. Gold, renowned for its stability during times of global tension, has increased by 14% since the beginning of the year. Throughout Trump's presidency, gold has broken records 14 times due to escalating trade tensions driving up demand for safe-haven assets.

UBS predicts the upward trend in gold prices to persist due to ongoing policy risks and trade conflicts, adjusting their target to $3,200 per ounce from the initial $3,000. Trump's propositions of implementing various tariffs, such as the 25% levy on steel and aluminum and additional sector-specific tariffs planned for April 2, have contributed to this climate of uncertainty.

The article was reported by Ashitha Shivaprasad and Anjana Anil in Bengaluru and was edited by Krishna Chandra Eluri and Rashmi Aich.