The price of gold has reached a new record high as investors seek safe haven assets amidst growing concerns about the trade war between the US and China. One ounce of gold is now valued at more than $3,200 (£2,454), marking the first time it has surpassed that threshold.

The Swiss franc, another safe haven, has reached a ten-year high against the US dollar, and the sell-off in US government bonds, which began earlier this week, continues.

According to Olivier d’Assier of SimCorp, the current “massive flight to safe havens” reflects a “complete lack of clarity in financial markets,” adding that we “now live in a world without rules – when it comes to trade, security, health, and even sovereignty.” D’Assier believes that safe havens like gold, the Swiss franc, and government bonds outside the US are currently the only option for investors.

This comes after a plunge in Wall Street stocks on Thursday and continued falls in Asian markets today. Analysts warn that this instability could continue until relations between the US and China are clarified, with investors closely watching for further moves by both governments, particularly regarding tariff policies. A safe haven is an investment that is expected to retain or increase its value during times of economic uncertainty.