%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment The price of %Gold bullion has hit a new all-time high as ongoing worries about global trade wars bolster demand for the precious metal that is viewed as a safe haven asset. Gold rallied 1.4% over the last 24 hours to trade at a record high of $2,888.70 U.S. per ounce. The all-time high comes amid ongoing worries about trade wars under U.S. President Donald Trump, notably with China where tariffs of 10% have been placed on imported Chinese goods. There are growing fears that the Trump administration’s tariffs will reignite inflation in the U.S. that could lead to a rise in interest rates. In times of economic uncertainty and market turmoil, many investors buy gold, treating the precious metal as a hedge against inflation and a safe, reliable asset. Bloomberg recently reported that there is a rush to move gold from the Bank of England, where many central banks hold reserves, and deposit the metal with private banks. Gold has also been flowing into depositories of New York’s Comex exchange in recent weeks. The price of gold is also getting a boost as the value of the U.S. dollar softens after rallying following the U.S. election last November. Many analysts and investment firms expect gold to continue rallying to new heights this year, with analysts at %Citigroup (NYSE: $C ) becoming the latest to forecast that the price of gold will surpass $3,000 U.S. an ounce by year’s end.