Gold rose to a record amid concerns about a widening trade war after President Donald Trump pushed ahead with US tariffs on all auto imports.

Bullion gained as much as 0.9% on Friday to top $3,085 an ounce, beating the previous record set a day earlier. It was on track for a fourth weekly gain, with prices supported by growing haven demand.

Gold stocks jumped in Friday trading. Gold Fields, Harmony Gold up 6%; U.S. Gold rose 3%; Barrick Gold up 1%.

Trump on Thursday signed a proclamation to slap a 25% tariff on auto imports and pledged harsher punishment on Europe and Canada if they join forces “to do economic harm” to the US. Markets are also bracing for a fresh wave of trade levies on April 2 as the White House prepares so-called reciprocal tariffs. The exact scope of the plans isn’t yet clear.

Mounting fears about the potential impacts of an escalating trade war overshadowed data showing the US economy expanded at a quicker pace in the fourth quarter than previously estimated. A measure of inflation was revised lower.

Gold is up about 17% this year in a run that’s seen it clinch at least 15 all-time highs. The rally has been fueled by central-bank buying and haven demand amid rising geopolitical and macro uncertainties. Those drivers have supported prices even as swaps traders have pared bets on Federal Reserve easing this year to two quarter-point rate cuts. Lower 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 ramping up its forecast to $3,300 an ounce by year-end. The lender cited higher-than-expected central bank demand and strong inflows into bullion-backed exchange traded funds.

Elsewhere, silver was close to its highest since 2012. Like gold, the white metal has benefited from strong haven demand, and fears over potential tariffs have drawn vast quantities out of London into US vaults. Elevated lease rates in London could drive spot prices higher, Standard Chartered Plc analyst Suki Cooper said in a note this week.

Spot gold traded up 0.6% at $3,075.05 an ounce as of 12:17 p.m. in London, on track for a weekly gain of 1.8%. The Bloomberg Dollar Spot Index held steady. Silver edged up 0.3%, while palladium and platinum also rose.