Gold Reaches Unprecedented $3,328 Per Ounce

In a remarkable surge, gold prices climbed by 3.06% to hit a new all-time high of $3,328.45 per ounce. This significant increase comes as investors flock to gold, a traditional safe-haven asset, amidst escalating trade tensions between the United States and China.

Trade Tensions Fuel the Rally

The United States has announced potential tariffs on Chinese products that could soar up to 245%, a move that has sparked immediate backlash. China has criticized Washington's stance, defending its retaliatory measures as necessary to safeguard its "legitimate rights and interests." This ongoing dispute has undoubtedly contributed to the volatility in the markets, driving investors towards more stable investments like gold.

Precious Metals Market Overview

Alongside gold, other precious metals also experienced gains. Silver saw an increase of 1.87%, reaching $32.92 per ounce, while platinum and palladium advanced by 0.85% and 0.19% respectively. These movements highlight the broader impact of current economic uncertainties on the precious metals market.