Beijing: Gold prices soared to a historic milestone on Wednesday, breaking above the $4,200 per ounce mark for the first time ever, as escalating tensions between the United States and China, coupled with expectations of U.S. Federal Reserve rate cuts, sent investors rushing toward the safe-haven metal.

According to market data, spot gold jumped 1.4% to $4,199.99 per ounce, after touching an intraday high of $4,200.11, while U.S. gold futures rose 1.3% to $4,218. The record-breaking rally comes amid a confluence of geopolitical unease, monetary policy uncertainty, and investor anxiety over global economic stability.

The surge in gold prices has been primarily driven by mounting trade friction between Washington and Beijing. Analysts say renewed tariff threats and disruptions in supply

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