Gold hits all-time high

Gold prices hit an all-time high today, supported by the dollar’s decline to a three-year low and growing fears of a potential economic recession due to the escalating trade war between the United States and its trading partners, which boosted demand for gold as a safe haven.

Spot gold rose 1.87% to $3,390.30 per ounce, while US gold futures rose 1.6% to $3,381.05.

The rise in gold coincided with the dollar index’s decline to a three-year low, increasing the precious metal’s appeal to holders of other currencies and leading to further inflows into gold as a hedge.

Thanks to its status as a hedge against inflation and market volatility, gold has risen more than 27% since the beginning of the year, at a time when fears of a global economic downturn are growing. As for other precious metals, spot silver rose 0.1% to $32.63 per ounce, platinum rose 0.2% to $969.20, and palladium fell 0.3% to $959.20.