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Gold Soars Past $3,300 as Trump’s Mineral Tariff Probe Sparks Safe-Haven Rush

Gold prices hit a new record high of $3,317.90 per ounce on Wednesday as investors sought safe-haven assets following President Trump’s probe into potential tariffs on critical mineral imports. This move, seen as targeting China, comes alongside new export restrictions on AI chips to China. According to a BofA survey, “long gold” has now surpassed U.S. tech as the most crowded trade, with 73% of respondents believing U.S. market exceptionalism has peaked. ANZ has raised its year-end gold price forecast to $3,600.

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