Sri Lanka, April 1 -- Gold prices continued their upward surge on Monday, reaching a new record high of $3,128.06 per ounce as concerns over potential tariffs fueled safe-haven demand. Spot gold rose 1% to $3,116.94 per ounce by 01:44 p.m. ET (1744 GMT), while U.S. gold futures climbed 1.2% to settle at $3,150.30.

Analysts attribute the rally to ongoing uncertainty over trade tariffs, which could drive inflation and hinder economic growth. David Meger, director of metals trading at High Ridge Futures, noted that while some resistance levels may trigger profit-taking, the overall bullish trend remains strong.

The market is closely watching U.S. President Donald Trump's expected tariff announcements on April 2, along with automobile tarif...