Gold made another all-time high on Thursday as investors focus on geopolitical tensions and Trump's tariff plan.

To be sure, as the threat of tariffs has escalated in recent months, gold GC00 has been in a strong bull market — surging above $2,900 this week for the first time ever. It is up more than 10% just since the beginning of the year and almost 45% over the past 12 months.

Gold prices rose to an all-time high to trade above the $2,950 per ounce level on Thursday, as concerns that U.S. President Donald Trump's tariff threats will unleash a global trade war drove investor appetite for the metal.