Gold Rises to Record as Global Trade War Fears Dominate
Gold rose to a record as a weakening U.S.-led trade war buoyed demand for safe-haven assets, with data due in the coming days likely to highlight early signs of damage to the global economy.
Bullion for immediate delivery rose to near $3,354 an ounce just below a peak set last week as the dollar fell. On Tuesday, the International Monetary Fund will lower its outlook for growth in new projections, while a purchasing managers’ index the following day will offer a snapshot of economic activity since President Donald Trump’s tariff push.
Gold has surged to consecutive records this year as trade conflicts have roiled global markets, denting appetite for riskier assets while accelerating a rush to safe-haven assets. Holdings in bullion-backed exchange-traded funds have risen for the past 12 straight weeks, the longest such period since 2022. Central banks have also added to their holdings, supporting strong global demand.
Bullion traded 0.8% higher at $3,353.47 an ounce at 8:07 a.m. in Singapore, as the Bloomberg Dollar Spot Index fell 0.3%. Silver and platinum were little changed, while palladium declined. Source: Bloomberg
