Gold hit a record as the debilitating US-led trade war underpinned demand for haven assets, with data due in the coming days that may highlight early signs of damage to the global economy.
Bullion for immediate delivery climbed above $3,364 an ounce, as the dollar fell. On Tuesday, the International Monetary Fund is set to lower its outlook for growth in new projections, while purchasing manager indexes the following day will offer a broad snapshot of economic activity since President Donald Trump’s tariff push.
Gold has soared to successive records this year as the trade conflict has unsettled global markets, hurting appetite for risk assets while accelerating a rush to havens. Holdings in bullion-backed exchange-traded funds have expanded for the past 12 weeks straight, the longest run since 2022. Central banks have also been adding to their holdings, underpinning robust worldwide demand.
Bullion traded as much as 1.1% higher at $3,364.41 an ounce, before trading at $3,363.34 at 8:40 a.m. in Singapore, as the Bloomberg Dollar Spot Index fell 0.5%. Silver rose, platinum was little-changed, and palladium declined.
