Gold Reaches New High on U.S.-China Trade Rift
Gold prices hit a record high, driven by fears of a renewed trade war between the U.S. and China after President Trump announced the latest tariff increase on Beijing.
Futures in New York climb 2.2% to $4,089 a troy ounce, after reaching $4,096.50 earlier in the session.
“Renewed trade tension saw strong haven buying for gold and other precious metals,” analysts at ANZ Research said. “This helped offset losses…after a stronger USD and easing geopolitical risks triggered a wave of profit taking.”