Gold surged past $5,100 per ounce on Friday, testing monthly highs amid one of the most turbulent weeks for global trade policy in recent memory.

With very little emerging news today affecting the gold markets let us take a look back at the major drivers that brought gold to the precipice of $5,000 per ounce this year and last.

Geopolitical Uncertainty

Gold futures reclaimed the psychologically significant $5,000 threshold on Wednesday, with the April contract advancing $98.40, or 2.01%, to $5,005 at the time of writing — a meaningful technical victory that spot prices have thus far been unable to replica