Gold prices passed $3,000 an ounce for the first time ever, driven higher by a central bank buying spree, economic fragility worldwide, and President Donald Trump’s attempts to rewrite the rules of global trade by imposing tariffs on allies and strategic rivals.

Investors seeking shelter from political and economic volatility triggered by the new U.S. administration are increasingly moving into gold Exchange-Traded Funds, adding momentum to the market's record rally.

Gold rose above $3,000 an ounce as President Donald Trump's tariffs against major trade partners triggered deep uncertainty in financial markets. Investors are worried about elevated inflation and a possible recession.