Gold approaching $3,000 an ounce is priced so far ahead of inflation that the yellow metal GC00 is unlikely to produce a positive real (inflation-adjusted) return in coming years.

Gold prices surged to a record high on Thursday, as fears of a global trade war sparked by U.S. President Donald Trump's tariff threats fueled safe-haven demand for the precious metal.

Gold prices and the U.S. dollar typically have an inverse relationship, but that's been changing. Here's what to know now.

Key Takeaways The price of gold continues reaching new all-time highs, pushing it ever closer to the $3,000 milestone.Several Wall Street firms say gold prices have more room to run.Economic and stock market uncertainty tied to tariff and trade tensions may persist,