Gold prices surged to a record high on Wednesday, climbing over 3% to approximately $3,350 per ounce, as investors sought safe havens following Nvidia’s warning of a $5 billion earnings hit due to U.S.-China tensions. Since the start of the year, gold prices have risen by more than 25%, driven by increasing uncertainty over tariffs and their economic impact. Central banks remain key drivers of gold demand, while geopolitical risks and economic uncertainty are expected to sustain investor interest. According to UBS analysts, the case for gold allocations has become compelling amid weaker growth, higher inflation, and diversification away from U.S. assets. Shares of major gold miners like Newmont (NEM) and Barrick Gold (GOLD) also rose alongside gold prices.
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