Gold prices rose to an all-time high and to trade above the $2,950 per ounce level on Thursday, as concerns U.S. President Donald Trump's tariff threats will unleash a global trade war drove investor appetite for the metal.

Lumber stocks are expected to remain in focus after U.S. President Donald Trump said he will announce fresh tariffs over the next month or sooner, adding lumber and forest products to previously announced plans to impose duties on imported cars,

Market experts believe that the $3,000 per ounce mark is within reach if the current economic and geopolitical trends persist.

To be sure, as the threat of tariffs has escalated in recent months, gold GC00 has been in a strong bull market — surging above $2,900 this week for the first time ever. It is up more than 10% just since the beginning of the year and almost 45% over the past 12 months.

US President Donald Trump had pledged last Tuesday to impose 25% tariffs on automobile, semiconductor and pharmaceutical imports into the US.