Gold Hits Record High Amid Escalating Trade War
Investors rush to safe-haven assets as U.S.-China tensions rise
Gold prices have reached a new record, rising by nearly 1% due to the escalation of the trade war between the U.S. and China, reports Yahoo Finance.
On Wednesday, spot gold hit $2,866 per ounce (1,306,500 KZT at a rate of 456.00 KZT/$), while April futures climbed to $2,892 (1,319,950 KZT), coming close to the $2,900 mark (1,324,500 KZT).
What Is Driving Gold Prices Up?
A new wave of global market uncertainty has boosted demand for safe-haven assets.
- Trump imposed a 10% tariff on Chinese imports, prompting a measured response from Beijing.
- While China’s reaction was less aggressive than during Trump’s first term, investors fear further escalation.
- Additional uncertainty arose after Trump proposed that the U.S. take control of the Gaza Strip and finance its reconstruction.
Weaker Dollar and the Tenge Exchange Rate
Gold also gained support from a weakening U.S. dollar, which declined for the second consecutive session.
- The Dollar Index (DXY) fell to 107.63, down 0.34%.
- Earlier this week, the index neared 110.00, but recent U.S. labor market data signaled a slowdown, putting pressure on the dollar.
- In Kazakhstan, the tenge slightly strengthened, trading between 455-457 KZT per USD.
What Analysts Are Saying
"Who doesn’t love a safe haven in this situation?" said Charu Chanana, a strategist at Saxo Capital Markets.
She believes that uncertainty in U.S.-China trade negotiations, along with geopolitical instability related to Gaza, will continue to support gold prices, regardless of dollar movements.
Other Precious Metals
- Silver and platinum rose.
- Palladium declined.
What’s Next?
If the trade war between the U.S. and China escalates further, and the dollar remains weak, gold may soon test the $2,900 (1,324,500 KZT) level.
The key question remains: Is this a temporary price surge or the start of a new supercycle in the precious metals market?
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