Gold prices hit another landmark on rising U.S.-China tension

Gold prices rose to an all-time high Friday as investors sought safety in the precious metal amid rising U.S.-China tensions and lingering fears over the coronavirus pandemic.

Gold crossed the $1,900 per ounce ceiling on Friday for the first time since 2011. A worsening US-China row has added to concerns about global economy that is already grappling with a resurgence in coronavirus cases in many countries.

In yet another escalation in US-China relations, Beijing ordered Washington to close its consulate in the city of Chengdu after US asked China to close its Houston consulate.