The price of gold reached a record high on Wednesday when the dollar weakened, the trade tensions escalate and concerned about the global economic growth to promote the need for safe asset search.
Spot gold increased by 1.9%, to 3,287.79 USD/ounce, up to 6h48 GMT. Previously, the gold price reached the highest level of the time of 3,294.99 USD/ounce.
Notably, US term gold contract increased by nearly 2%, to US $ 3,304.2/ounce.
"Factors such as the decline of the dollar and the avoidance of risks are helping golden prices," - Tim Waterer, Director of KCM Trade's market analysis, said.
The USD (.
Trade tensions between the United States and China escalated when Nvidia (NVDA.O) announced on Tuesday that it would suffer US $ 5.5 billion after the US government restricted the export of H20 artificial intelligence chips to China.
China requires its airline not to receive additional orders of Boeing (BA.N) as a reaction to the US tax imposing 145% to Chinese goods.
"More and more uncertain tariffs, toughness from the US government, tariffs that affect goods through intermediaries, which can harm the global supply chain, are the factors that support gold price," said Nicholas Frappell, Global Market Manager at ABC Refinery.
Gold, which is considered a safe shelter in the period of political and economic instability, has reached many record high levels this year, up more than 25%.
"Gold price will continue to be strong as long as there is still uncertainty," said Brian Lan, CEO of Goldsilver Central in Singapore.
Investors are currently waiting for US retail data, expected to be published today, for more information about the economy and policy of the US Federal Reserve (Fed).
"We believe that the safe demand for gold has not increased strongly," Anz said, raising the bank's year -end gold price forecast to $ 3,600/ounce and forecasting the price in the next six months of $ 3,500/ounce.
Silver price spot increased by 0.8%, to 32.56 USD/ounce. Platinum prices fell 0.5%, to 954.9 USD, and palladium fell 0.6%, to 965.96 USD.
