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 per cent since the start of 2025.
Gold is seen as a safer asset for investors and is often sought after in times of economic instability.
The escalating trade war between the US and many of its largest trading partners has unsettled financial markets and raised concerns about the impact on economies and consumers across the world.
The introduction of tariffs has fuelled fears of price inflation, which has driven investors to gold.
When tariffs are imposed on goods, businesses face extra costs, which could be passed on to consumers – increasing the cost of living.