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Gold prices climbed higher on Thursday on safe-haven buying after U.S. President Donald Trump's announcement of new 25% tariffs on autos and auto components imported into U.S.
Trump also posted on his Truth Social Platform that he will impose even steeper tariffs on the European Union and Canada if they collaborate to harm the U.S. economy.
Analysts said Trump's auto tariff threat will disrupt global trade and underpin local inflation.
Goldman Sachs and BofA have raised their gold price forecasts amid trade-war tensions.
A weak dollar supported gold's upside. The dollar index dropped to a low of 104.07 before recovering to 104.30, still down more than 0.2% from previous close.
Gold futures for March settled higher by $39.30 or about 1.3% at $3,060.20 an ounce, a new record closing high.
Silver futures for March closed up $0.864 or about 2.54% at $34.897 an ounce, while Copper futures for March dropped to around $5.1240, down $0.1190 or about 2.25%.
In U.S. economic news, a report from the Commerce Department said gross domestic product surged by 2.4% in the fourth quarter compared to the previously reported 2.3% jump. Economists had expected the pace of GDP growth to be unrevised.
A separate report released by the National Association of Realtors showed pending home sales saw a significant rebound in the month of February after plunging to an all-time low in January.
NAR said its pending home sales index surged by 2% to 72.0 in February after plunging 4.6% to an all-time low of 70.6 in January. Economists had expected pending home sales to jump by 1.5%.
