Gold hits fresh record high over trade war impact fears
Gold has jumped to a fresh record high as investors fret over the impact of the trade war between the US and China.
Spot gold rose above $3,500 (£2,645) per ounce on Wednesday, before dipping from its peak. It has risen by around 30% since the start of the year.
The latest move comes after the head of US central bank said President Donald Trump’s tariff policies are likely to mean slower growth and higher prices.
The precious metal is viewed as a safer asset for investors during times of economic uncertainty.
In remarks for the Economic Club of Chicago on Wednesday, Federal Reserve Chair Jerome Powell said the higher-than-expected tariffs announced in recent weeks are likely to mean US economic growth will slow and rising prices for consumers.
Source: BBC | Language: English