The April gold futures contract on the New York Mercantile Exchange exploded by 2.7% today, closing at $2,845.20 per troy ounce. Earlier, it even touched an intraday high of $2,853.20, which is an all-time high.

Gold prices rose nearly 1% on Friday, lingering near record high levels scaled in October, steered by U.S. President Donald Trump's calls to lower interest rates and uncertainty surrounding his trade policies.

Gold prices hit a record high on Friday, set for their best month since March 2024, as investors flocked to the safe-haven metal due to heightened U.S. tariff concerns, while awaiting a key inflation report for further direction.