Gold surges above $3,000 for the first time as investors seek a haven from Trump tariffs

Gold prices crossed the $3,000 mark for the first time, as President Donald Trump’s tariffs against major trading partners have roiled financial markets, pushing investors to safe-haven assets as they fear elevated inflation and a possible recession.

Gold futures have soared nearly 14% so far this year and hit a fresh intraday all-time high of $3,017.1 per ounce on Friday. The U.S. stock market has lost $5 trillion in three weeks as Trump’s trade war has caused turmoil, confusion and uncertainty.

Some 52% of global fund managers told Bank of America in a survey that they view gold as “the best hedge against a full-blown trade war.”

Central banks have been buying up gold as an alternative to the U.S. dollar and Treasurys in wake of Russia’s invasion of Ukraine in 2022. National governments worry that Washington could use the world’s reserve currency as a weapon after Russian assets were frozen in response to the invasion.

Central banks made net purchases of 18 metric tons of gold in January, with the People’s Bank of China reporting its third consecutive month of net buying, according to the World Gold Council. Central banks added 1,045 metric tons to global gold reserves last year, according to the council.