Gold Hits New Peak as Trade Tensions Intensify

In a dramatic response to the escalating trade tensions, gold prices have surged to an unprecedented high. This spike is largely attributed to investors seeking safe-haven assets amidst the ongoing tariff disputes between the United States and China. The precious metal's value climbed by 0.70% at 8:31 am ET, reaching a staggering $2,836.12 per ounce.

China Retaliates with Its Own Tariffs

Following the imposition of new tariffs by the United States, China has retaliated by introducing its own set of levies on American imports. This tit-for-tat move has further strained the relationship between the world's two largest economies, even as President Trump extends temporary concessions to Mexico and Canada.

Other Precious Metals React Differently

While gold and silver experienced gains, with silver rising by 1.13% to $31.86 per ounce, the market saw a mixed reaction among other precious metals. Platinum saw a modest increase of 0.71%, selling for $973.5 per ounce, whereas palladium faced a significant drop, decreasing by 1.66% to $984.52 per ounce.