Gold prices jumped on Thursday as President Donald Trump's tariff pledge boosted the appeal of safe havens and investors bet that steady inflation will enable the Federal Reserve to cut interest rates later this year.

Futures climbed 1.1% to $3,381 per Troy ounce in early trading, about 4% of the record high they hit back in April.

Bullion was rallying after Trump said he would write to U.S. trade partners to inform them of unilateral tariff rates within the next one to two weeks, which likely put the market on edge.