Gold Hits Record High as Investors Seek Safe Haven

In an unprecedented surge, gold prices reached a historic peak of $3,168 on Thursday. This remarkable rally was fueled by investors flocking to gold as a safe-haven asset, amidst a weakening dollar and escalating trade tensions between Beijing and Washington.

Trade Tensions and Economic Indicators Fuel the Rally

The backdrop to this surge includes US President Donald Trump's imposition of a 125% levy on Chinese products, a move that came shortly after China elevated its tariffs on American goods to 84%. Concurrently, economic indicators released on Thursday revealed an unexpected decline in US consumer prices during March, despite ongoing inflationary pressures stemming from the aggressive tariff stance.

Precious Metals Market Overview

At 11:28 am ET, gold was up by 2.82%, trading at $3,168.25 per ounce. Silver also saw an increase of 0.33%, selling for $31.13 per ounce, while platinum added 0.63%, reaching $941.24 per ounce. Palladium improved by 0.21%, also trading at $941.24 per ounce.