Gold Hits Fresh Record High Above $3,240 Amid US-China Trade War Escalation
Gold prices surged to a new record high of $3,237 on Friday before settling near $3,220, fueled by an intensifying US-China trade war and a weakening US Dollar.
China retaliated by raising tariffs on US goods to 125%, escalating market fears.
Softer US inflation data (PPI at 2.7% in March vs 3.2% in February) boosted expectations of Fed rate cuts by June.
A declining US Dollar made gold more attractive for foreign buyers, supporting the rally.
The combination of geopolitical tensions, rate cut hopes, and currency weakness is propelling gold prices to historic levels.
