Gold prices keep setting records amid global trade tensions — Bloomberg

After reaching a record high on Monday, the price of gold rushed to another peak. On Wednesday, the precious metal rose 1.4%, hitting a new all-time high near $3,275 per ounce. According to Bloomberg experts, the US President's unpredictable tariff policy keeps alarming the markets and stimulating demand for such safe-haven assets as gold.

Donald Trump has authorized the government to investigate US imports of critical raw materials. Based on the findings, he will give a verdict on the imposition of duties on the group of goods. This news had a favorable impact on gold prices, Bloomberg reports.

Since the beginning of the year, the price of the precious metal has risen by about 20%. The escalation of global trade tensions following Donald Trump's series of decisions has made traders worried about the onset of recession around the world. The situation is exacerbated by the growing trade standoff between China and the US, the world's two largest economies, the agency notes.