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.

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."