It's been a banner year for gold. In March, the precious metal's price crossed the $3,000 per ounce mark for the first time in history — and the upward price trajectory didn't stop there. The price of gold has continued to climb in the time since, surging past the $3,300 per ounce mark this week.

Gold futures slipped Thursday, after the metal surged by the most in five years in the previous session, as investors booked profits ahead of the holiday weekend, although U.S.-China trade tensions and a softer dollar kept the price above $3,

Citi Research raised its gold price target for the next three months to $3,500 per ounce from $3,200, led by fresh buying from Chinese insurers and safe-haven flows amid tariff risks and market weakness,