Gold prices rose to a record high on Thursday as investors turned to bullion for safety on fears US President Donald Trump's tariff plans would stoke inflation and a global trade war.

Spot gold was up 0.5 percent at $2,945.83 an ounce, as of 0621 GMT, after hitting a record high of $2,947.11 earlier in the session.

Bullion has risen 12 percent so far this year and hit a fresh peak for the tenth time on Trump tariff fears.

US gold futures gained 0.9 percent to $2,963.80 on Thursday.