Gold hit a new record of nearly $3,160 an ounce after President Donald Trump unveiled his sweeping “reciprocal” tariffs, imposing a minimum levy of 10% on imports and stoking fears it may trigger a global economic slowdown.

Bullion was one of the few commodities exempted from the tariffs, according to a White House factsheet. The metal’s haven status was underlined when it rose as much as 0.8% at Thursday’s open in Asia, shortly after the president’s Rose Garden address. It closed 0.7% higher on Wednesday.