Gold hits new record over US-China trade war fears
Gold has jumped to a fresh high as investors fret over the impact of the trade war between the US and China.
Spot gold touched $3,357.40 (£2,540) per ounce on Wednesday, before dipping from its peak. It has risen by around a third since the start of the year.
The rise follows comments by the head of US central bank who said President Donald Trump’s tariff policies are likely to mean slower growth, higher prices and unemployment risks.
The precious metal is viewed as a safer asset for investors during times of economic uncertainty.
At the Economic Club of Chicago on Wednesday, Federal Reserve chair Jerome Powell said higher-than-expected tariffs announced in recent weeks could result in slowing US economic growth and rising prices for consumers.
Source: BBC | Language: English