Gold prices continued their record-breaking climb on Wednesday, nearing the key US$3,300 mark as persistent geopolitical and economic uncertainties fuelled strong safe-haven demand.
By 3:50 pm AEST (5:50 am GMT), spot gold had surged by $61.11, or 1.9%, reaching an all-time high of $3,290.53 per ounce.
The rally comes amid growing concerns over the escalating United States-China trade war and heightened fears of a U.S. recession, both of which have driven investors toward the traditional safety of bullion.
Uncertainty surrounding tariff policy has shaken confidence in global markets, with the resulting volatility encouraging further investment in gold.
At the same time, rising expectations of aggressive monetary easing by the Federal Reserve are adding fuel to the rally.
Market participants are increasingly betting that the Fed will cut interest rates as many as four times this year, as economic indicators point to weakening momentum.
Investors now await U.S. retail sales data as well as comments from Fed Chair Jerome Powell for more clues on the interest rate path, which will play a key role in influencing U.S. dollar price dynamics.
