Gold prices climbed to a new high as U.S. President Donald Trump’s widening trade war prompts investors to seek refuge in the precious metal.
In early trade, futures rose 1% to $3,090.30 a troy ounce and are up more than 8% on the month. Prices are bolstered by safe-haven inflows due to geopolitical and economic uncertainties, as well as robust central bank demand.
“We continue to hold a bullish outlook toward gold prices, with gold continuing to benefit from U.S. policy uncertainty, trade tensions, military conflicts around the world, inflation worries and macro uncertainty,” analysts at Fitch’s research unit BMI said.
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