Gold Prices Reach Historic High Amid US-China Trade Tensions
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Gold prices hit a record high at $2848.27 an ounce as tensions from the US-China trade war increase haven demand and dollar depreciation makes gold cheaper for buyers.
Gold prices surged to a record high as market reactions to the escalating US-China trade conflict drove demand for safe-haven assets. On Wednesday, bullion hit an all-time peak of $2,848.27 an ounce, reflecting a rise of nearly 1% from the previous trading session.
This uptick followed President Donald Trump's implementation of a 10% tariff on Chinese imports, which was met with a swift retaliation from Beijing. Additionally, a decline in the dollar's value on Tuesday made gold more affordable for a wider range of buyers, further propelling its price increase. The situation was exacerbated by a recent US jobs report indicating a gradual slowdown in the labor market, fueling investor concerns.
