Gold Prices rises to exceed the highest historical peak - Economist

Gold rises above $3,200 an ounce for the first time in history

Gold rises above $3,200 an ounce for the first time in history

Gold prices rose to unprecedented levels in spot trading, exceeding $3,200 per ounce for the first time in history, supported by fears of a global economic recession resulting from a trade tariff dispute between the world's two largest economies, the United States and China.

Spot gold rose more than 1% to $3,212 per ounce, having hit a record high of $3,217 earlier in the session, and has gained more than 5% over 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 also showed that inflation in the US slowed more than expected in March, a surprise, but inflation risks are likely to rise following Trump's decision to increase tariffs on China.

Gold, widely used as a hedge against political, economic, and inflationary uncertainty, has risen more than 21% this year. Among other precious metals, spot silver rose 0.3% to $31.28 per ounce, platinum rose 0.1% to $938.35, and palladium rose 0.8% to $915.75.