Gold hit a record high on Friday as fresh tariff plans from U.S. President Donald Trump fuelled fears the global trade war will intensify further, prompting investors to seek refuge in the safe-haven precious metal.

US prices of copper have been on a tear this year due to the fear that tariffs will be imposed on imports of the red metal. Futures prices have hit record highs on New York’s Comex, leading to a premium over the international benchmark in London — similar to the disconnect seen in the gold market.

Gold futures rallied to another all-time high as tariff uncertainties and a rapidly changing geopolitical landscape keep investors on edge.