The tariff war triggered by the Trump administration has caused the global spot price of gold to hit a record high and surpass three-thousand U.S. dollars per ounce on Thursday, local time.

As of 7:40 p.m. Eastern Standard Time on the New York Mercantile Exchange, the April gold futures price stood at three-thousand dollars and 30 cents per ounce, up zero-point-31 percent from the previous session.

The gold spot price has continued its strong upward trend, rising around 14 percent this year after a 27 percent increase last year.

U.S. President Donald Trump’s tariff policies have increased global economic uncertainty, boosting demand for safe-haven assets and exerting upward pressure on gold prices.

Also, following the February U.S. consumer price index, producer prices came in below market expectations, increasing the likelihood that the U.S. Federal Reserve will continue its rate cuts, further supporting the rise in gold prices.