Gold hit a new all-time high Friday, breaking $3,000 for the first time ever, as investors search for tariff safe-havens.
Why it matters: There’s a psychological value to important assets breaking through big, round numbers — but it’s also further evidence of the market’s nerves and uncertainty about global trade.
By the numbers: The new gold all-time high came Friday morning, crossing $3,000 just after 4 a.m. ET.
The yellow metal is up about 10% since President Trump won the election last November, outperforming most other asset classes.
Zoom out: In difficult times, investors search for “safe” assets that are likely to retain more of their value, regardless of geopolitical disruptions.
So much gold was brought into the U.S. earlier this year, in a bid to front-run tariffs, that it skewed the trade deficit and messed up key calculations of economic growth.
The intrigue: The new record for gold comes just a few hours after the biggest U.S. stocks entered correction territory, 10% off their all-time highs set less than a month ago.
“A key factor behind the recent market selloff is the uncertainty surrounding trade tariffs and their economic implications,” LPL Financial chief technical strategist Adam Turnquist wrote in a market commentary earlier this week.
“The lack of clarity regarding tariff policies has made it difficult for markets to stage a meaningful recovery, as investors hesitate to make significant moves without a clearer outlook.”