Gold prices surged to an unprecedented high of $2,849.05 per ounce on Wednesday, driven by renewed U.S.-China trade tensions and geopolitical uncertainties in the Middle East. The precious metal has demonstrated resilience this year, posting a 7.31% year-to-date gain, outperforming Bitcoin‘s (CRYPTO: BTC) 4.27% increase during the same period.
What Happened: The latest rally came after former President Donald Trump imposed a 10% tariff on Chinese imports, prompting a measured response from Beijing.
Peter Schiff, a prominent economist and gold advocate, views current market dynamics as bullish. “The fact that the public is selling and not buying is extremely bullish for gold. It’s a contrarian indicator,” Schiff posted on X, suggesting that …
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