Investors seeking shelter from political and economic volatility triggered by the new U.S. administration are increasingly moving into gold Exchange-Traded Funds, adding momentum to the market's record rally.

Gold prices passed $3,000 an ounce for the first time ever, driven higher by a central bank buying spree, economic fragility worldwide, and President Donald Trump’s attempts to rewrite the rules of global trade by imposing tariffs on allies and strategic rivals.

Some 52% of global fund managers told Bank of America in a survey that they view gold as "the best hedge against a full-blown trade war."