09:34 AM EDT, 03/14/2025 (MT Newswires) -- Gold traded at a record high early on Friday, rising above US$3,000 for the first time, as falling stock markets and global economic turmoil spurred by U.S. President Donald Trump's trade wars spur safe-haven buying.

Gold for April delivery was last seen up US$16.10 to US$3,007 per ounce, rising off Thursday's record close of US$2,991.30.

The price of the metal has climbed 13% since the start of the year as investors turn to the metal as a store of value with global stock markets falling as Trump's tariffs and threats upset international trade flows, while U.S. inflation eases, raising hopes the Federal Reserve will cut interest rates, lowering the carrying cost of owning gold.

"Gold continues to price uncertainty, specifically tariff uncertainty. While economic uncertainty is rising, vibes and sentiment are deteriorating, and recession probabilities have risen well above 30%, we still view gold's price patterns as tied to tariffs. While inflation data showed prices rose at the slowest pace in four months (leading some to think the Fed can ease sooner), we are reminded that, when tariffs hit, there will likely be inflationary impacts," Christopher Louney, a commodities strategist at RBC Capital Markets, wrote.

A weakening dollar also offered support to gold. The ICE dollar index was last seen down 0.13 points to 103.7.

Treasury yields were steady, with the yield on the U.S. two-year note last seen up 0.1 basis points to 3.981%, while the 10-year note was paying 4.313%, up 0.4 points.