The value of gold has nearly doubled in the past five years, crossing the $3,000-an-ounce threshold for the first time ever late Thursday — and the precious metal’s latest move may be signaling a structural shift in the sector that may feed long-term strength.

Gold prices breached the $3,000 mark for the first time on Friday, hitting an all-time high for the 13th time this year, with trade war concerns fuelling safe-haven demand for the metal. Bullion prices touched $3,

Gold prices surged to an all-time high on Friday as investors turned to the precious metal amid rising trade tensions and economic uncertainty. The possibility of monetary policy easing by the US Federal Reserve also added to gold’s appeal.

Gold’s climb to an all-time high above $3,000 an ounce this week certainly turned heads, but the value of the precious metal is still around 16% below its real record high from 1980.