Gold prices surged to a record high on Thursday, as fears of a global trade war sparked by U.S. President Donald Trump's tariff threats fueled safe-haven demand for the precious metal.

The price of gold has been bursting through records in the first month of Mr. Trump’s second term, recently trading at more than $2,900 per troy ounce. It is up about 12 percent already this year, on top of a 27 percent gain last year. Many strategists are upgrading their forecasts, predicting more gains ahead.

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After hitting an all-time high last Thursday, gold prices in the country saw a slight decline. On 20 February, gold prices reached an all-time high of Tk 154,525 per bhori (around 11.66 grammes)

"Gold just took off like a rocket ship in the last few months," one local merchant said. "We're all along for the ride."