The first punches have been thrown between the United States and China in what could amount to a short-lived trade dispute with limited economic fallout or the start of yet another lengthy and painful trade war reminiscent of President Donald Trump’s first term.

Gold prices climbed 1% on Wednesday, continuing their record rally as investors sought the safe-haven asset due to concerns about the escalating U.S.-China trade war and its impact on economic growth.

Gold held near a record high in Asian trading, after rising by almost 1% in the previous session, as the opening salvos of the US-China trade war stoked haven demand.

Gold prices hit a record high in Asian trade on Wednesday as demand for the precious metal as a safe haven was boosted by geopolitical uncertainty. With concerns over a brewing trade war between the U.

Gold prices continued their record run on Wednesday, as investors sought the safe-haven asset amid escalating concerns about the U.S.-China trade war and its potential impact on economic growth. Spot gold was up 0.