The yellow metal is trading just below $2,900 an ounce. Miner stocks are rallying too. Geopolitical turmoil is boosting gold.

Gold prices regained an all-time high on Tuesday, driven by investors seeking the safe-haven asset after China retaliated with tariffs on the U.S. in response to President Donald Trump's tariffs.

Gold futures finished at a new record high on Monday, as tariffs dominated the day's action in U.S. markets, with the uncertainty around President Trump's tariff plans driving investors toward gold as a safe-haven asset, and traders speculating that physical metal prices have room to move up further.