Global gold prices surged to another record high last week following the escalating trade war tension and a weakening US dollar. Spot gold price in international markets jumped 6.4 percent this week to touch a new peak of 3,245 dollars per ounce on Friday.

The US dollar rates came under massive selling pressure last week, and the US dollar index slipped below 100 for the first time in the last two years. It finished 0.7% lower at 99.89 on Friday.

Bullion has now gained nearly 8 percent over the past three trading sessions, underscoring its safe-haven status at a time when US President Donald Trump’s unpredictable tariff agenda is sparking frantic selloffs in US stocks, bonds and the dollar.

So far this year, gold has risen more than 20 percent as a combination of central bank demand, US rate cut expectations and geopolitical instabilities propelled the metal to multiple records.