Gold’s haven status has been underpinned this week, with President Donald Trump’s flip-flopping on tariffs sparking frantic selloffs for US stocks, bonds and the dollar, as fears of a worldwide recession engulfed Wall Street. In particular, the selloff in US government bonds highlighted eroding appetite for US assets and prompted questions about whether the nation’s debt remains a haven.
Gold rose to a new record high above US$3,200 ($4,237.12) an ounce as concerns about the impact of tariffs on the global economy boosted bullion’s appeal as a haven for investors.
Prices gained as much as 2.1% to US$3,244.15 on Friday, eclipsing the previous all-time high posted Thursday. Prices are heading for a weekly increase of more than 6%.
