PRECIOUS-Gold hits record high on inflation, trade war concerns

March 31 (Reuters) - Gold climbed to an all-time high on Monday, as investors turned to the safe-haven asset on fears that U.S. President Donald Trump's tariff plans would stoke inflation and a global trade war.

FUNDAMENTALS

Spot gold XAU= was up 0.1% to $3,087.79 an ounce, as of 0016 GMT, after hitting a record high of $3,097.36 earlier.

Further widening the global trade war concerns, Trump said on Sunday he was "pissed off" at Russian President Vladimir Putin and will impose secondary tariffs of 25% to 50% on buyers of Russian oil if he feels Moscow is blocking his efforts to end the war in Ukraine.

Trump said on Friday that he was open to carving out deals with countries seeking to avoid U.S. tariffs but those agreements would have to be negotiated after his administration announces reciprocal tariffs on April 2.

Gold, traditionally seen as a hedge against political and economic uncertainty and inflation, has risen more than 17% this year.

U.S. consumer spending rebounded less than expected in February while a measure of underlying prices increased by the most in 13 months.

San Francisco Federal Reserve Bank President Mary Daly said inflation data published on Friday confirms her decreased confidence in her baseline expectation that two interest rate cuts this year are a "reasonable" projection.

Meanwhile, Trump threatened Iran on Sunday with bombing and secondary tariffs if Tehran did not come to an agreement with Washington over its nuclear program.

Spot silver XAG= rose 0.3% to $34.20 an ounce, platinum XPT= fell 0.1% to $982.10 and palladium XPD= gained 0.1% to $972.96.

DATA/EVENTS (GMT)

0130 China NBS Manufacturing PMI Mar

1200 Germany CPI Prelim YY, HICP Prelim YY Mar