Investors seeking shelter from political and economic volatility triggered by the new U.S. administration are increasingly moving into gold Exchange-Traded Funds, adding momentum to the market's record rally.

Some 52% of global fund managers told Bank of America in a survey that they view gold as "the best hedge against a full-blown trade war."

Gold soared to a record $2,990.21 an ounce on Friday, surpassing highs set earlier in the week, as President Donald Trump’s tariff threats and weak inflation data drove investors toward safe investments.