Gold: Gold prices scaled a record peak on Wednesday as a weaker dollar, escalating trade tension and concerns over global economic growth fuelled demand for safe-haven bullion. Spot gold rose 1.7% to $3,282.88 an ounce as of 0457 GMT. It hit a fresh high of $3,290.10 per ounce earlier in the session.
According to National News Agency - Lebanon, the surge in gold prices is attributed to the declining value of the dollar, which has historically led investors to seek the stability of gold. The current international trade tensions and apprehensions about the trajectory of global economic growth have further driven this trend, as investors look to hedge against economic uncertainties.
The rise in gold prices comes amidst a backdrop of fluctuating global markets, where concerns about potential trade conflicts and economic slowdowns have become more pronounced. This environment has traditionally been conducive to increasing the attractiveness of gold as a stable investment option, further contributing to its recent price escalation.