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 extended their winning run on Monday to hit another record high as U.S. President Donald Trump said he will impose 25% tariffs on all steel and aluminium imports.

Gold steadied after swinging wildly during Asian trading hours, as fears of a global trade war pushes the precious metal to record highs.