Hong Kong-listed gold stocks rallied as spot gold rose to a record above $3,200 an ounce as concerns about the impact of tariffs on the global economy pushed investors to the haven.

Chifeng Gold up 15%; China Gold up 11%; Lingbao up 8%; Zhaojin Mining, Laopu Gold up around 6%.

Gold’s haven status has been underlined this week, with President Donald Trump’s flip-flopping messaging on his tariff agenda sparking frantic selloffs for US stocks, bonds and the dollar, as fears of a worldwide recession engulfed Wall Street. Risks and uncertainty remained even after his 90-day tariff pause on higher levies that hit dozens of trade partners, with duties on all Chinese imports now at least 145%.

“Gold is the best place to be in the market now,” said Liu Yuxuan, a Shanghai-based precious metal researcher at Guotai Jun’an Futures Co. “The unprecedented trade tension has deepened the distrust of US dollar, intensifying the demand for” other safety assets, she added.