Gold Reaches Historic High as Investors Seek Safety

In a remarkable turn of events, gold prices have shattered previous records, climbing above the $3,230 mark. This surge is attributed to investors flocking to gold as a safe haven amidst escalating trade disputes between the United States and China.

Trade War Escalates: China Increases Tariffs on US Goods

The tension between the two economic powerhouses has reached a new peak, with China announcing a significant increase in tariffs on US products, from 84% to 125%. This bold move signals China's refusal to back down, further fueling market uncertainties.

Precious Metals Market Reacts

Following the announcement, gold momentarily peaked at $3,237.56 before settling at $3,230.11 per ounce, marking a 1.72% increase. Similarly, silver saw a 0.83% rise to $31.48 per ounce, while platinum and palladium also experienced gains, climbing 1.06% and 0.99% respectively.