Central banks stormed back into the gold market in the final three months of last year, playing a key role in the metal hitting an all-time high.

Gold prices hit a record high on Wednesday, bolstered by fears of a new trade war between the United States and China after Beijing slapped tariffs on U.S. imports in response to new U.S. duties on Chinese goods.

Gold rose to a new all-time high amid a rush to safer assets after US President Donald Trump imposed tariffs on Canada, Mexico and China, while threatening to do the same against the European Union.

Gold prices jumped to a record high on Monday as Donald Trump launched trade tariffs against Canada, Mexico and China. The yellow metal peaked at $2,830.31 per ounce on Monday afternoon, as investors put money into the 'safe-haven' asset.

Gold prices hit an all-time high on Monday, bolstered by safe-haven inflows after U.S. President Donald Trump's tariffs on Canada, China and Mexico added to concerns of inflation that would dent economic growth.