Gold climbed to a new record above USD 4,210 per ounce on Wednesday, extending its historic rally as investors sought refuge in safe-haven assets amid renewed US–China trade frictions, persistent global uncertainty, and expectations of further Federal Reserve easing.
President Donald Trump escalated rhetoric against Beijing, accusing China of “economically hostile” behaviour and warning of potential retaliatory measures, deepening the trade standoff between the world’s two largest economies.
Adding to the cautious sentiment, the US government shutdown entered another week, with officials warning of rising economic costs as key data releases remain frozen. Fed Chair Jerome Powell signalled growing concern about the labour market slowdown. Markets are now fully pricing in cuts in both October and December, reinforcing gold’s bullish momentum.
