NEW YORK (AP) -- Amid widespread economic turmoil, the price of gold has soared to levels never seen before.

Gold futures surpassed the $3,000 per troy ounce for the first time this week. The price to buy gold on the spot market in New York is following closely behind.

Interest in buying gold can rise sharply in times of uncertainty, as anxious investors seek safe havens for their money. Gold prices are spiking higher now as U.S. President Donald Trump's tariff policies have kicked off an international trade war that has roiled financial markets and threatened to reignite inflation for families and businesses alike.

If trends continue, analysts say gold's price could continue to climb in the months ahead. But precious metals are also volatile assets -- and so the future is never promised.

Here's what to know.

The going price for New York spot gold closed Thursday at record $2,988 per troy ounce -- the standard for measuring precious metals, which is equivalent to 31 grams -- per FactSet. That's over $825 higher than gold's spot price one year ago.

Gold futures surpassed the $3,000 mark Thursday. But as of midday Friday, fell to just over $2,990.

The price of spot gold is up nearly 14% since the start of 2025, per FactSet. By contrast, the stock market has tumbled. The benchmark S&P 500 has tumbled more than 5% this year with even blue-chip stocks fading. Apple, for instance, just had its worst week in five years.

A lot of it boils down to uncertainty. Interest in buying gold typically spikes when investors become anxious -- and there's been a lot of economic turmoil in recent months.

Today, the heaviest uncertainty lies with Trump's escalating trade war. The president's on-again, off-again new levy announcements and retaliatory tariffs from some of the nation's closest traditional allies have created a sense of whiplash for both businesses and consumers -- who economists say will foot the bill through higher prices.

Confidence began to slide at the start of the year for both U.S. households and businesses due to fears of inflation and tariffs. Those worries seem to only be worsening, according to a preliminary survey released Friday by the University of Michigan. Its measure of consumer sentiment sank for a third straight month due mostly to concerns about the future.

Joe Cavatoni, chief market strategist at the World Gold Council, said Friday that he and others have been anticipating gold's latest milestone for months -- noting in an email that the "global challenges and risks that come with managing money today" have heightened concern and caused more and more to turn to the asset as a "safe haven."

"This is what has pushed gold to break record after record thus far, and with rising inflation expectations, lower rates, and continued uncertainty, we continue to see support for gold looking ahead," he added.

Over the last year, analysts have also pointed to strong gold demand from central banks around the world amid geopolitical tension, including wars in Gaza and Ukraine.

Advocates of investing in gold call it a "safe haven" -- arguing the commodity can serve to diversify and balance your investment portfolio, as well as mitigate possible risks down the road. Some also take comfort in buying something tangible that has the potential to increase in value over time.

Still, experts caution against putting all your eggs in one basket. And not everyone agrees gold is a good investment. Critics say gold isn't always the inflation hedge many say it is -- and that there are more efficient ways to protect against potential loss of capital, such as derivative-based investments.

The Commodity Futures Trade Commission has also previously warned people to be wary of investing in gold. Precious metals can be highly volatile, the commission said, and prices rise as demand goes up -- meaning "when economic anxiety or instability is high, the people who typically profit from precious metals are the sellers."

If you do choose to invest in gold, the commission adds, it's important to educate yourself on safe trading practices and be cautious of potential scams and counterfeits on the market.