Gold Prices Hit Record High

In a remarkable surge, gold prices climbed 3% on Wednesday, setting a new all-time high of $3,328 per ounce. This significant increase is attributed to escalating trade tensions between the United States and China, driving investors towards safer assets.

Trade Tensions Fuel the Rally

The United States has announced potential tariffs on Chinese products up to 245%, citing retaliatory measures. In response, China criticized Washington's stance, emphasizing its actions as protective measures for its "legitimate rights and interests."

Precious Metals Market Overview

Alongside gold, other precious metals also experienced gains. Silver rose by 1.87% to $32.92 per ounce, platinum increased by 0.85% to $970.07 per ounce, and palladium saw a modest 0.19% rise, reaching $960.74 per ounce.