Gold prices scaled a record peak above the key $3,000 (Rs 2.6 lakh) mark on Tuesday for the second time within a week, as investors sought cover from economic concerns fuelled by US President Donald Trump's tariff policies.
Spot gold prices hit a record high of $3,005.09 per ounce.
Historically considered a reliable store of value during times of geopolitical instability, gold has risen 14 per cent so far this year. Since Trump took office in January, gold has hit a record high 14 times as trade tensions have led to growing safe-haven demand.
"With the price now reaching our long-held target of $3,000/oz, the main question is whether the rally will continue. We think so, as long as policy risks and an intensifying trade conflict continues to spur safe-haven demand," UBS said in a note. "We revise our target to $3,200/oz over all tenors (from $3,000)."
Trump has floated plans for a series of US tariffs, from a flat 25 per cent on steel and aluminium which came into effect in February, as well as reciprocal and sectoral tariffs that he said will be imposed on April 2.
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