Gold's surge to a fresh record high is being fuelled by fears of an escalating global trade war instigated by U.S. President Donald Trump. But behind the froth created by the mercurial U.S. leader, there are structural shifts that are creating a bullish backdrop for the precious metal.

Up 44% over the last year, gold has been by far the best-performer across a basket of 12 leading global asset classes over the period, according to the BlackRock Investment Institute, most notably trouncing the 22% return for the S&P 500 over the last year, including reinvested dividends.

Gold surged past $2,900 per ounce and aluminum, iron ore, copper and silver futures rose after President Donald Trump said he'd target metal imports.