The Globe and Mail reports in its Saturday edition that over the past 12 months, the price of gold has soared nearly 35 per cent, outperforming the S&P 500 by 22 percentage points. The Globe's David Berman writes that last week, gold reached a new intraday high of $2,906 an ounce before the rally sputtered Thursday. In addition to central-bank buying, trade uncertainty adds to the bullish backdrop for gold. Imports from Mexico and Canada represent about 20 per cent of U.S. gold consumption, according to analysts at Citigroup. Imposing tariffs on these imports will drive the price of gold higher. If tariffs cause inflation to accelerate in the broader economy -- as many economists expect -- then gold demand should rise as investors seek a popular hedge. And if global economic growth is threatened, gold again emerges as a potential haven for investors seeking safety. "We think any implementation of proposals for a universal U.S. import tariff, higher tariffs on China, as well as expected retaliatory tariffs from targeted countries will further escalate trade tensions and global growth headwinds," said Citigroup analyst Tom Mulqueen, who expects any escalation will lift the price of gold to $3,000 an ounce.