ExclusiveGold Bolts Past Key $3,200 Mark on Dollar Slide, Safe-Haven Flows

Gold prices breached the $3,200 level for the first time on Friday. The move was fuelled by a weaker dollar and an escalating trade war that sent investors rushing towards safe haven assets. Bullion rose more than 1% to scale an all-time peak of almost $3,220 per ounce earlier in the session. It's gained around 5% this week. One analyst said the rapid weakening of the US dollar appears to be the main driver of gold's rebound. They added it may reflect an ongoing exodus from US dollar-based assets. Major stock indexes also fell this week after US President Donald Trump raised tariffs on Chinese imports to 145%. China has been matching Trump's tariff hikes and that's led to fears Beijing could push duties on the US beyond the current 84%. The dollar was down around 1% versus major peers on Friday, which made it cheaper for overseas buyers to buy greenback-priced bullion. Tariffs have been a major driver of gold's appeal. But central bank demand, expectations of interest rate cuts by the Federal Reserve and geopolitical instability has also fuelled the metals rally this year.