Gold prices hit $31K, first time in history

(CNN)– Gold prices hit a record high as concerns about the Trump Administration’s tariffs increase.

The cost of the yellow metal hit three-thousand, five-dollars per ounce Friday morning.

One wealth management company calls gold the “panic asset of choice.”

Earlier this week President Trump placed 25% tariffs on all aluminum and steel imports.

The European Union and Canada responded with counter-measures and analysts say the extreme uncertainty from the Trump tariffs is causing many businesses to be unsure about overall hiring and investing.