Gold prices hit a record high on Tuesday, spurred by safe-haven demand as U.S. President Donald Trump's new tariffs on steel and aluminum imports heightened concerns about a possible global trade war.

Up 44% over the last year, gold has been by far the best-performer across a basket of 12 leading global asset classes over the period, according to the BlackRock Investment Institute, most notably trouncing the 22% return for the S&P 500 over the last year, including reinvested dividends.

Gold prices settled above $2,900/oz for the first time, driven by continued safe-haven demand after President Trump said he would impose additional 25% tariffs on steel and aluminum imports.