Gold prices climbed to approximately $4,180 per ounce on Wednesday, extending a bullish streak and marking a fresh record high as investors sought the precious metal’s safe-haven appeal amid escalating market uncertainties.

Rising US-China trade tensions contributed to investor caution. On Tuesday, President Donald Trump accused China of “economically hostile” behavior after the country halted US soybean imports and warned of potential retaliatory measures, including a cooking oil embargo. These remarks followed China’s threat of further action after imposing sanctions on five US units of South Korean shipbuilder Hanwha Ocean.

Adding to market unease is the ongoing US government shutdown, which a federal official indicated is beginning to weigh on economic activity.

Meanwhile, Federal Reserve Chair Jerome Powell, speaking at the NABE annual meeting, highlighted that the sharp slowdown in hiring is increasingly threatening the US economy, hinting at the potential for two additional rate cuts later this year.

The combination of geopolitical tensions, domestic policy uncertainty, and dovish Fed signals continues to drive investor demand for gold as a hedge against risk.