Gold prices hit a record high in Asian trade on Wednesday as demand for the precious metal as a safe haven was boosted by geopolitical uncertainty. With concerns over a brewing trade war between the U.S. and China, and President Trump’s comments about Gaza, demand for gold was high and the spot price jumped 0.6% to a record high of $2,858.27 an ounce. Gold futures expiring in April were up 0.4% to $2,885.39 an ounce.

Trump said yesterday he wanted the U.S. to take over the Gaza strip and relocate Palestinians out of the region. This drew sharp rebuke from several countries in the region.

The weak dollar, which lost all of its gains after the proposed tariffs on Canada and Mexico were paused, also aided bullion prices.

Trump’s 10% tariffs on China came into effect on Tuesday and Beijing retaliated with import tariffs, export controls, and measures against specific U.S. companies such as Google (NASADAQ:GOOG). The President has indicated he is in no hurry to talk to Chinese President Xi Jinping so trade tensions remain high.

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