Central banks stormed back into the gold market in the final three months of last year, playing a key role in the metal hitting an all-time high.

The yellow metal is trading just below $2,900 an ounce. Miner stocks are rallying too. Geopolitical turmoil is boosting gold.

Gold prices hit an all-time high on Monday, bolstered by safe-haven inflows after U.S. President Donald Trump's tariffs on Canada, China and Mexico added to concerns of inflation that would dent economic growth.