Gold rose to record high as the Trump administration pressed ahead with probes that could broaden a sweeping trade war, boosting demand for havens.

Bullion climbed above $3,248 an ounce for the first time on Wednesday, surpassing the previous all-time peak set on Monday. US President Donald Trump on Tuesday went ahead with investigations into the need for levies on critical minerals.

The precious metal has climbed more than 20% this year as an escalating trade war creates anxieties over the prospect of a global recession.

Leading banks remain optimistic about gold’s prospects over the coming quarters as investors add to holdings in gold-backed exchange-traded funds and central banks continue to accumulate the metal. Goldman Sachs Group Inc. has forecast that prices will rally to $4,000 an ounce by mid-2026.

Gold rose 0.4% to $3,243.28 an ounce as of 7:50 a.m. Singapore time. The Bloomberg Dollar Spot Index edged lower. Silver and palladium were flat, while platinum edged lower.