Gold Up, Exceeding $3,200 an Ounce for the First Time Ever

Gold prices rose to unprecedented levels in spot trading above $3,200 an ounce, supported by fears of a global economic recession due to a trade dispute and tariffs between the world’s two largest economies, the United States and China.

Spot gold rose more than 1% to $3,212 an ounce, having reached a record high of $3,217.43 earlier in the session, and has gained more than 5% over the course of the week.

For his part, US President Donald Trump announced the suspension of tariffs he had imposed on many countries around the world, but raised tariffs on Chinese imports from 104% to 125%.

Data showed that US inflation slowed unexpectedly more than expected in March, but inflation risks are on the rise following Trump’s decision to increase tariffs on China.