Chinese ETFs and ADRs fell in overnight trading. YINN fell 6%; Alibaba, Li Auto, JD.com, Nio fell 4%; XPeng fell 3%; PDD fell 2%.

Gold stocks jumped in overnight trading. Harmony Gold rose 7%; Kinross rose 4%; Newmont up 3%; Barrick Gold up 2%.

Gold rose to a record high as US President Donald Trump ordered a probe that could open up a new front in the global war, sparking another retreat from equities and a move toward haven assets.

Bullion gained as much as 1.4% on Wednesday to climb above $3,275 an ounce for the first time, surpassing the previous all-time peak set on Monday. Traders were whiplashed again by a slew of tariff headlines, with Trump launching an investigation into the need for levies on critical minerals.

The precious metal has climbed more than 20% and hit a series of record highs this year as an escalating trade war creates anxieties over the prospect of a global recession. Flip flops on tariff policies have roiled global markets this month as investors struggle to take long-term positions due to the unpredictability of announcements from Washington.

On Tuesday, Trump called on China to reach out to him in order to kick off trade negotiations after Beijing ordered airlines not to take further deliveries of Boeing Co. jets.

The US administration also announced this week investigations into semiconductors and pharmaceutical imports, after placing sector-specific tariffs on steel and aluminum, automobiles and car parts. It’s also said it is negotiating with dozens of other trading partners to lower trade barriers in exchange for relief on higher duties.

Leading banks remain optimistic about gold’s prospects over the coming quarters as investors add to holdings in gold-backed exchange-traded funds and central banks continue to accumulate the metal. Goldman Sachs Group Inc. is forecasting that prices will rally to $4,000 an ounce by mid-2026.

“The power struggle between major countries will continue,” said Luchen Wang, a Shanghai-based analyst at Galaxy Futures Co. “Gold’s appeal as a safe-haven asset means it’s more likely to rise than fall in the near to medium term.”

Traders are also betting there will be at least three Federal Reserve rate cuts this year. Monetary easing is generally positive for the precious metal.

Gold was up 1.1% to $3,266.61 an ounce as of 9.42 a.m. Singapore time.