Reuters and staff reporter

Gold prices advanced to an all-time high of US$2,946 (HK$22,979) an ounce on yesterday as trade war tensions and concerns over global economic growth drove safe-haven flows following US President Donald Trump's new tariff threats.

"Gold's rally appears to be driven by President Trump's remarks on upcoming tariffs for autos and pharmaceuticals, which could pave the way for a push toward US$3,000," said Zain Vawda, market analyst at MarketPulse by OANDA.

Since taking office, Trump imposed a 10 percent tariff on Chinese imports, set a 25 percent tariff on steel and aluminum. Adding to the tariffs agenda, the US president said on Tuesday he intends to impose auto tariffs "in the neighborhood of 25 percent" and similar duties on semiconductors and pharmaceutical imports.