The price of gold soared past the $3,200 mark today, as a declining US dollar and an escalating US -China trade war stirred recession fears.

According to Reuters, a combination of central bank buying, U.S. Federal Reserve rate cut expectations, geopolitical instabilities and a surge of investor supported the increase in gold’s value, which peaked at $3,237.

A gold and commodities expert said gold is currently seen as the favoured asset as the world continues to manoeuvre through Mr Trump’s trade wars.

The US Dollar Index (DXY), which measures the US Dollar against six major currencies, was last seen losing about 1% on the and continues to depreciate amid concerns surrounding both the global and US economic outlooks.