WASHINGTON (dpa-AFX) - Gold surged to a new record high above $3,200 per ounce on Friday, following a short period of consolidation last week.
Spot gold jumped 0.8 percent to $3,202 per ounce in early European trade, while U.S. gold futures were up 1.5 percent at $3,233.69.
Bonds dropped and the U.S. dollar slumped to a decade-low versus the Swiss franc amid economic and policy turmoil, helping boost safe-haven demand for bullion.
Financial markets have been gripped by the Trump administration's constant back-and-forth tariff plan.
The big bond sell-off witnessed on Tuesday is creating an environment where even U.S. Treasuries are no longer looking safe.
Earlier this week, U.S. President Donald Trump said he was pausing his sweeping tariff measures for most countries, for 90 days, with the exception of China.
The tariffs on China have been raised to 125 percent, further escalating a high-stakes confrontation between the world's two largest economies.
China today escalated its trade dispute with the United States, announcing additional tariffs of up to 125 percent on a broad range of American goods.
Analysts say that the U.S.-China trade war will probably get worse before it gets better.
Meanwhile, Thursday's U.S. CPI data came in lower than expected, helping fuel expectations that the Federal Reserve could now cut rates either in the May or June FOMC meeting.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
