Spot Gold scaled a fresh all-time high of $3,300.55 per troy ounce on Wednesday, as demand for safe haven assets was underpinned amid intensifying trade tensions.
US Dollar weakness also contributed to Gold’s ascent. The US Dollar Index was last down 0.68% to 99.420.
A weaker dollar makes dollar-priced Gold more appealing to international investors holding other currencies.
Amid an escalation of US-China trade tensions, Nvidia said it would incur $5.5 billion in charges after the Trump administration limited exports of its H20 artificial intelligence chip to China. Nvidia will need permits to ship this product to China due to concerns surrounding its potential usage in Chinese supercomputers.
And, the Chinese government has ordered airlines not to take any further deliveries of Boeing aircraft in response to the recently imposed US tariffs on Chinese goods.
“A confluence of factors such as dollar depreciation and ongoing risk aversion are working in gold’s favour,” Tim Waterer, chief market analyst at KCM Trade, was quoted as saying by Reuters.
Spot Gold was last up 2.18% on the day to trade at $3,300.27 per troy ounce.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
