What is driving gold prices to record highs and contributing to their seven-week winning streak?

Gold prices have reached record highs and maintained gains for seven consecutive weeks due to escalating fears of a global trade war. This surge is primarily driven by the Trump administration's aggressive tariff policies, which impose duties on any countries that charge tariffs on US imports, reflecting a zero-sum approach to international trade. The geopolitical tensions and uncertainty surrounding these trade policies have prompted investors to seek safe-haven assets like gold. As trade war fears intensify, market participants are turning to precious metals as a hedge against potential economic instability and currency fluctuations that typically accompany such international disputes.