Pakistan, April 3 -- Gold prices surged to a new record above $3,160 an ounce on Thursday. This spike follows US President Donald Trump announcing significant new tariffs on imports. The move raised fears of a global economic slowdown and increased demand for safe-haven assets like gold.

In early Asian trading, gold climbed as much as 1.1% after gaining 0.7% on Wednesday. Trump declared from the White House that a minimum 10% tariff would apply to all exports to the US. Several nations are facing steeper tariffs, including China at 34% and the European Union at 20%.

Interestingly, gold is exempt from these tariffs, making it a preferred choice for investors. On Thursday, spot prices hit a peak of $3,167.84 an ounce, surpassing Tuesday's...