Gold price hits record high as investors seek safe haven

Bullion has nearly doubled in value since 2023 amid global uncertainty and alarm over Donald Trump’s policies

Business live – latest updates

The price of gold has hit a fresh record high, as investors seek out safe-haven assets to protect against inflationary and geopolitical risks.

Gold rose above $3,500 (£2,614) an ounce in Asia, surpassing its April peak. It has nearly doubled in value since early 2023. The rally comes as the US dollar has weakened and some central banks add to their gold holdings, ditching US government bonds, known as US treasuries.