Gold prices hit a record high on Wednesday as a weakening dollar, escalating trade tensions, and concerns about global economic growth fueled safe-haven demand. Spot gold reached 3,300 US dollars/ounce for the first time in history, surging 70 US dollars during the day, an increase of more than 2%, and more than 25% so far this year. Tim Waterer, chief market analyst at KCM Trade, said, “The combination of factors such as the depreciation of the dollar and continued risk aversion is beneficial to gold.” Nicholas Frappell, global head of marketing at ABC Refinery, said, “More tariff uncertainty, more intransigence by the US government. Tariffs affect goods transported through third countries and may cause damage to the global supply chain, which supports gold.” Brian Lan, managing director of Singaporean trader GoldSilver Central, said, “As long as there is uncertainty, gold will continue to strengthen,” ANZ said earlier. “We don't think safe-haven buying has yet to heat up.” The bank raised the year-end gold price estimate to 3,600 US dollars/ounce and the six-month estimate to 3,500 US dollars/ounce.

Gold prices hit a record high on Wednesday as a weakening dollar, escalating trade tensions, and concerns about global economic growth fueled safe-haven demand. Spot gold reached 3,300 US dollars/ounce for the first time in history, surging 70 US dollars during the day, an increase of more than 2%, and more than 25% so far this year. Tim Waterer, chief market analyst at KCM Trade, said, “The combination of factors such as the depreciation of the dollar and continued risk aversion is beneficial to gold.” Nicholas Frappell, global head of marketing at ABC Refinery, said, “More tariff uncertainty, more intransigence by the US government. Tariffs affect goods transported through third countries and may cause damage to the global supply chain, which supports gold.” Brian Lan, managing director of Singaporean trader GoldSilver Central, said, “As long as there is uncertainty, gold will continue to strengthen,” ANZ said earlier. “We don't think safe-haven buying has yet to heat up.” The bank raised the year-end gold price estimate to 3,600 US dollars/ounce and the six-month estimate to 3,500 US dollars/ounce.