In a world where financial transactions ping around the world in a fraction of a second, the booming triangular trade underscores the gold market’s reliance on lumps of metal. In normal times, claims on billions of dollars of gold are traded without the bars ever leaving a vault.

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.

Gold climbed as investors assessed the outlook for the US economy and the Federal Reserve interest-rate path following the latest inflation print and the start of President Donald Trump’s metal tariffs.