The price of gold has hit the $3,000 per ounce mark for the first time as demand for the precious metal surges amid economic uncertainty over the impact of a global trade war. Gold touched a record $3,004.86 per ounce on Friday, with prices having risen by 14% since the start of 2025.

Gold futures were rising on a weaker dollar and increased safe-haven demand. Futures were up 1.1% at $2,878.90 a troy ounce. Geopolitical concerns have risen as hopes of a potential peace deal in the short term between Russia and Ukraine fade,

The price of gold set a record high on Friday, breaking above $3,000 per troy ounce for the first time as investors reckon with President Trump’s seesawing tariff policy, fears of an economic slowdown and a sinking stock market.