Investors have been rushing to gold — a safe-haven asset — this year to hedge against risk from US President Donald Trump's trade war.

Gold pierced through the psychological milestone of $3,000 an ounce on Friday for the first time, building on an historic rally as trade tensions and U.S. rate cut bets supercharge its appeal as a safe haven asset.

Gold futures surpassed $3,000/oz for the first time early Friday, as investors seek stability in a storm of escalating geopolitical tensions, rising trade tariffs and their potential to boost inflation,

In a world where financial transactions ping around the world in a fraction of a second, the booming triangular trade underscores the gold market’s reliance on lumps of metal. In normal times, claims on billions of dollars of gold are traded without the bars ever leaving a vault.

Canada announced a slew of new tariffs on U.S. imports Wednesday amid an escalating trade war with President Donald Trump. Trump’s 25% tariffs on Canadian and Mexican goods went into effect last week,

Gold prices rose more than 1% to an all-time high on Thursday as elevated tariff uncertainty and bets on monetary policy easing by the Federal Reserve kept bullion's appeal strong. Spot gold was up 1.