Gold scales record high near $3,000

Gold bars

Gold prices ended in the green today, March 13, notching a fresh record high on the increasing safe-haven demand surged amid escalating trade tensions, coupled with US economic data that boosted hopes for an interest rate cut.

Bullion for April delivery leapt by 1.5%, or $44.50, to finish at $2,991.30 per ounce — an all-time high.

This came as the US dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.2% to 103.84 at 9:41 pm Makkah time.

US Labor Department data showed that producer prices held steady in February, against expectations of a 0.3% monthly hike, following a 0.6% increase in the previous month.

US President Donald Trump's recent erratic trade policies have added impetus the yellow metal, being an asset favored by investors during geopolitical and economic turmoil.