Gold has proven again that is the de facto commodity for hedging uncertainty and turmoil in world markets. The precious metal has reached an all-time high in its prices, registering a hike that took it closer to the new $3,000 mark.

On February 5, gold leapfrogged the $2,900 level, registering a peak of $2,901.5 on COMEX, a division of the Chicago Mercantile Exchange (CME). While prices later cooled down to close-to-$2,900 levels, experts believe that the market, given the international context, still has legs to keep rising.

The continued rise of gold has given origin to several speculations, including that there might be a larger movement brewing behind the market scenes. Investment Analyst Rashad Hajiyev stated:

Gold is on fire. Keeps making new record highs every day. Very good. Something is brewing beneath the surface. Gold never rises like this for no reason.

However, for others, this reinforces the value of gold as a hedge against geopolitical and economic turmoil, and as a hedge on inflation. The recent introduction of tariffs on Chinese imports to the U.S. and the hint of the implementation of tariffs on European goods has kept markets rattled, with investors locked in a tariff watch state.

The rise might have been also propelled by Trump’s statements indicating that he was not in a rush to talk to president Xi to avert an upcoming trade war with China.

But this time it seems that instead of paper gold, Western investors are opting for the real thing. According to COMEX data highlighted by Zerohedge, there was an influx of almost 1 million troy ounces of gold on Friday.

Recently, before President Trump announced the suspension of the 20% tariffs on Canadian and Mexican imports, gold prices also reached record levels, passing $2,800 levels at that time.

Read more: Gold Keeps Shining on Global Tariff Watch, Surpasses $2,800 Mark

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