02:00 PM EST, 02/20/2025 (MT Newswires) -- (Updates prices.)

Gold traded at a fresh record high mid-afternoon on Thursday as the dollar moved lower and safe-haven demand remains high amid U.S. tariff threats.

Gold for April delivery was last seen up US$19.10 to US$2,955.20 per ounce, topping the previous record set on Tuesday of US$2,949.00 per ounce.

The price of the precious metal has gained 11% since the start of the year as U.S. President Donald Trump continues to threaten tariffs on imports from allies and neighbors, while imposing a 10% levy on imports from China, disrupting global trade flows and supporting safe-haven demand.

"Gold hit a fresh record ... supported by ongoing momentum and haven demand in response to Trump's increasingly erratic behaviour. The Fed's cautious stance on rates received little attention as the price continued towards its next big psychological level at USD 3,000," Saxo Bank noted.

The dollar was lower early, with the ICE dollar index last seen down 0.78 points to 106.39.

Treasury yields edged down, with the two-year note last seen paying 4.272%, down 0.2 basis points, while the yield on the 10-year note was down 3.8 points to 4.5%