Gold has jumped above $5,000 an ounce for the first time, as Donald Trump’s chaotic policies and proclamations drive more investors to seek safe harbour in the precious metal.

The price of the yellow metal reached a record high of $5,100 on Monday morning, before easing back to settle up 2.2% at $5,089.

The historic moment came as Trump threatened Canada with 100% tariffs if America’s northern neighbour “makes a deal with China”, and after the US president’s dramatic showdown with Europe over the future of Greenland.