Gold Soars to a Record $4,200 an Ounce

Investors have turned to the safety of gold as tensions between the United States and China have intensified. President Donald Trump accused Beijing of adopting "economically hostile" behavior following China's suspension of imports of American soybeans. He also mentioned potential retaliatory measures, including an embargo on cooking oil. These statements come in response to Chinese threats of retaliation against sanctions imposed on five U.S. units of South Korean shipbuilder Hanwha Ocean. The ongoing paralysis of the U.S. government, which an American official stated is beginning to weigh on the economy, has further fueled market concerns. Additionally, Federal Reserve Chairman Jerome Powell, speaking at the annual NABE meeting, warned that the significant slowdown in hiring increasingly threatens the U.S. economy. He hinted at the possibility of two more interest rate cuts this year.