By Ashitha Shivaprasad and Kavya Balaraman

(Reuters) - Gold pierced through the psychological milestone of $3,000 an ounce on Friday for the first time, building on an historic rally as trade tensions and U.S. rate cut bets supercharge its appeal as a safe store of value. 

Spot gold was up 0.3% at $2,997.75 an ounce at 1115 GMT after hitting a record high of $3,004.86.

U.S. gold futures were up 0.6% to $3,009.10.

Gold, traditionally viewed as a safe haven investment during times of inflation or economic volatility, has risen over 14% so far this year, driven in part by concerns over the impact of U.S. President Donald Trump's tariffs and the recent selloff in stock markets. [.N] [MKTS/GLOB]

The global trade war that has roiled financial markets and raised recession fears is escalating, with Trump on Thursday threatening to slap a 200% tariff on alcohol imports from Europe. 

"Amid escalating geopolitical tensions, rising trade tariffs, and growing financial market uncertainty, investors are increasingly seeking stability - and they are finding it in gold," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.

 "For now, strong physical demand and safe-haven buying suggest that gold's upward momentum is not yet exhausted."

A combination of strong central bank purchases, sound investment demand as well as bets on monetary policy easing by the U.S. Federal Reserve, have also bolstered zero-yield bullion's performance this year. [GOL/AS] [GOL/ETF]

The Fed is widely expected to keep its benchmark overnight interest rate unchanged at its meeting on Wednesday. 

"Overall we maintain our $3,300 call for the year," said Ole Hansen, head of commodity strategy at Saxo Bank, adding a close above $3,000 on Friday can signal a continuation of the rally next week.

ANZ in a note forecast gold to hit $3,050 in 2025.

Silver, meanwhile added 0.2% to $33.87 an ounce, platinum lost 0.7% to $987.30 and palladium gained 0.6% to $963.78.

(Reporting by Rahul Paswan, Sarah Qureshi, Ashitha Shivaprasad and Kavya Balaraman in Bengaluru; Editing by Shailesh Kuber, Mark Potter, Arpan Varghese and)