Bullion climbed as much as 0.5% to $3,004.94 an ounce on Friday before erasing gains.
The move through the psychological $3,000 level drives home gold’s centuries-old role as a store of value in turbulent times and as a gauge of fear in markets.
In the last quarter century, the price has risen 10-fold, outperforming even the S&P 500, the benchmark for US stocks, which quadrupled over the same period.
As traders braced for tariffs, US prices for gold surged above other international benchmarks, prompting dealers to rush bullion into America in large volumes before the levies come into force.
As traders braced for tariffs, US prices for gold surged above other international benchmarks, prompting dealers to rush bullion into America in large volumes before the levies come into force.
The influx has been so vast that it helped drive the US trade deficit to a record in January.