UBS and Commerzbank raised their gold price forecasts on Friday, joining other investment banks as investors drive the safe-haven metal to record highs amid the economic uncertainty sparked by U.S. President Donald Trump's trade policies.

Gold had another record day, with the front-month contract finishing at $3,222.20 an ounce, up 2.1%. It’s the first-ever close above the unprecedented $3,200 level for gold, and makes it 13 out of the past 14 weeks that gold has closed higher.