The price of gold soared to $3,000 per ounce on Friday, marking the first time in global history that the precious metal has reached such a peak.

The surge represents a 2.94% increase, and it is the 13th time this year that gold prices have hit a record high. This is primarily attributed to growing economic uncertainties stemming from former U.S. President Donald Trump`s trade policies.

The latest spike in gold prices follows renewed trade tensions between the United States and Europe. On Thursday, Trump threatened to impose a 200% tariff on French and European Union (EU) products, including wine and champagne, in retaliation for EU tariffs on American whiskey. This announcement fueled fears of further disruptions in global trade, prompting investors to flock to gold as a safe-haven asset.

In a social media post, Trump warned that if the EU tariffs were not immediately withdrawn, the U.S. would impose steep tariffs on all wine, champagne, and other alcoholic beverages imported from France and other EU countries. This escalation comes after the U.S. already implemented a 25% tariff on steel and aluminum imports, which the EU has vowed to counter with tariffs on $2.8 billion worth of American goods. The European Commission announced these measures on Wednesday (March 12).

Analysts predict that gold prices could continue to rise if trade disputes and economic uncertainties persist. The unprecedented $3,000-per-ounce milestone underscores the metal`s enduring appeal as a hedge against instability, even as markets grapple with the evolving dynamics of international trade.