Gold hits record high above $3,949 per ounce

Gold prices surged past $3,949 per ounce on global markets, setting a new all-time high.

The precious metal later eased slightly, stabilizing around $3,947, according to Report.

As of 06:02 Baku time, gold was trading at $3,950 per troy ounce, up 0.97%, before slipping to $3,947.4 — still 0.9% higher on the day.

Gold had previously climbed to $3,080 per ounce after the U.S. administration of President Donald Trump imposed new import tariffs.