‘The rally has become a bit unhinged’: Gold zooms past $3,300 as investors seek shelter from tariff war

News Snapshot:

Gold prices extended their record run on Wednesday to breach $3,300 per ounce, as a weaker dollar and escalating U.S.-China trade tensions pushed investors towards the safe-haven asset. Spot gold climbed 3.1 per cent to $3,327.97 an ounce as of 1:45 p.m. ET (1745 GMT), after hitting a record high of $3,332.89 earlier in the session. U.S. gold futures gained 3.3 per cent to settle at $3,324.50. “Gold remains heavily supported by a broadly weaker dollar, uncertainty around tariff announcements and fears about a global recession,” said Lukman Otunuga, senior research analyst at FXTM. “Beyond $3,300, it’s all about psychological...