Gold has soared, briefly crossing $3,500 before closing at a record high of more than $3,400 on Monday. That hefty price put the commodity up more than 9% for the month and nearly 30% for the year. Now,

For centuries, gold has been the go-to haven asset in times of political and economic uncertainty. Its status as a reliably high-value commodity that can be transported easily and sold anywhere offers a sense of safety when everything else is in turmoil.

Gold prices fell 2% on Friday and were on track for a weekly dip as the dollar rose and signs of easing U.S.-China trade tensions after a report that Beijing had exempted some U.S. goods from its tariffs weighed on bullion.

Gold futures fell 1.36% to $3,302.90 a troy ounce but remained up more than 25% year-to-date. Gold continues to benefit from safe-haven demand as investors seek protection from global trade fragmentation and deteriorating confidence in policy stability,