The weakening of the US dollar, the escalation of trade wars, and the surge in gold prices have pushed gold to nearly $3300.

As the US dollar weakened, trade tensions escalated, and concerns about global economic growth increased, the demand for safe-haven assets rose, pushing the price of gold to break historical records again on Wednesday. Data showed that gold prices hit a new high of $3294.44 per ounce at one point during the trading day. As of press time, spot gold rose 1.14% to $3287.41 per ounce. US gold futures also climbed over 2% to $3306.9. Tim Waterer, Chief Market Analyst at KCM Trade, said, "The depreciation of the US dollar and continued risk aversion sentiment have created a favorable environment for gold." The US dollar index fell by 0.6% that day, enhancing the attractiveness of gold to holders of other currencies. Furthermore, the ongoing escalation of trade friction between China and the US has become another catalyst. NVIDIA Corporation (NVDA.US) announced on Tuesday that it would incur a loss of $5.5 billion due to US government restrictions on exporting H20 artificial intelligence chips to China. In response, China has demanded airlines suspend the delivery of new aircraft from Boeing Company (BA.US) in retaliation against the US decision to impose a 145% tariff on Chinese goods. Brian Lan, Managing Director of GoldSilver Central in Singapore, said, "As long as uncertainty exists, gold will remain strong." As a traditional safe-haven asset during periods of political and economic turmoil, gold has hit historical highs multiple times this year, with a year-to-date increase of over 25%. Analysts at ANZ Bank said, "There is still room for growth in safe-haven buying of gold." They raised their year-end gold price forecast to $3600 per ounce and their six-month target price to $3500. The market is currently closely watching the upcoming US retail sales data to assess economic trends and Federal Reserve policy direction. In other precious metals, spot silver rose slightly by 0.5% to $32.54 per ounce, platinum fell by 0.3% to $956.80, and palladium remained stable at $971.24.