Gold rose to a record high as concerns about a widening trade war remained top of mind for investors, after President Donald Trump pushed ahead with U.S. tariffs on all auto imports. Bullion rose as much as 0.7% on Friday to an all-time high of more than $3,077 an ounce, beating a previous record set on Thursday.

Gold is on track for a fourth weekly gain, with prices supported by rising demand for safe-haven assets. Trump on Thursday signed a proclamation to impose 25% tariffs on auto imports and vowed tougher penalties on the EU and Canada if they join forces "to do economic harm" to the U.S. Markets are also bracing for a new round of trade levies on April 2 as the White House prepares to impose so-called reciprocal tariffs. The exact scope of those plans is not yet clear.

Read More: Trump's Trade War and Economic Impact: Tariff Tracker

Growing fears about the potential impact of an escalating trade war overshadowed data showing the U.S. economy expanded at a faster pace in the fourth quarter than previously thought. The inflation gauge was revised lower.

Gold has risen about 16% this year in a run that has seen it hit at least 15 record highs. The rally has been fueled by central bank buying and investor demand for safe-haven assets amid rising geopolitical and macro uncertainty. Those drivers have helped support prices even as swap traders have trimmed bets on Federal Reserve easing this year to two quarter-point interest rate cuts. Lower interest rates tend to benefit non-yielding bullion.

Several major banks have raised their price targets for the precious metal, with Goldman Sachs Group Inc. this week increasing its forecast to $3,300 an ounce by year-end. The bank cited stronger-than-expected central bank demand and strong inflows into bullion-backed exchange-traded funds.

Elsewhere, silver is near its highest level since 2012. Like gold, the precious metal has benefited from rising demand as a haven, although markets have been tight as concerns over potential tariffs have drawn large amounts of goods from London to U.S. vaults. Rising rents in London could push spot prices higher, Standard Chartered Plc analyst Suki Cooper said in a note this week. (Newsmaker23)

Source: Bloomberg