Gold prices rose to a new high of US$2,950 (HK$23,010) per ounce on Thursday, as investors turned to bullion for safety on fears US President Donald Trump's tariff plans would stoke inflation and a global trade war.

Bullion has risen 12 percent so far this year and hit a fresh peak for the tenth time on Trump tariff fears.

US gold futures gained 0.9 percent to $2,963.8 on Thursday.

"Uncertain outlooks for both global trade and inflation are proving to be conducive for gold and are acting to bring the US$3,000 level within range," said Tim Waterer, chief market analyst at KCM Trade.