An attendant holds 1-kilogram gold bars on Feb. 17, 2025.

Gold prices crossed $3,000 an ounce for the first time, as President Donald Trump’s tariffs against major trading partners roil financial markets and push investors to safe-haven assets to protect against 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 an ounce on Friday, before pulling back to about $2,995. The latest move has come as the U.S. stock market lost $5 trillion in three weeks as Trump’s trade war stirs 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.”

At the same time, global central banks have been adding to their gold reserves as an alternative to the U.S. dollar and Treasurys in the wake of Russia’s invasion of Ukraine in 2022. Governments still worry that Washington could use the dollar, the world’s reserve currency, as a weapon after Russian assets were frozen in response to the invasion.

Central banks purchased 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, a council report said, the third year in a row that purchases topped 1,000 tons.