The value of gold has nearly doubled in the past five years, crossing the $3,000-an-ounce threshold for the first time ever late Thursday — and the precious metal’s latest move may be signaling a structural shift in the sector that may feed long-term strength.

Gold futures rose to new highs in late trading, with benchmark futures exceeding $3,000 a troy ounce for the first time. Gold prices have risen sharply over the past year amid geopolitical uncertainty,

Gold prices surged to an all-time high on Friday as investors turned to the precious metal amid rising trade tensions and economic uncertainty. The possibility of monetary policy easing by the US Federal Reserve also added to gold’s appeal.