Gold prices surged to a record high in Asian trading Wednesday as investors sought safety amid heightened U.S.-China trade tensions and a $5.5 billion impairment warning from Nvidia (NVDA, Financials) linked to new chip export restrictions.

Spot gold climbed 1.7% to $3,283.63 per ounce, while June gold futures peaked at $3,299.52 per ounce. The rally was supported by a weakening U.S. dollar and selling pressure on U.S. Treasuries, reflecting growing concerns about the U.S. economic outlook under President Donald Trump.

Trump announced a 145% cumulative tariff on Chinese imports earlier this week, with additional levies under consideration for electronics and pharmaceuticals. China responded with a 125% tariff on U.S. goods. While the U.S. president exempted electronics from the latest measures and granted a 90-day reprieve on reciprocal tariffs for select countries, the shifting policy stance left markets unsettled.

Nvidia warned Tuesday that the company faces a $5.5 billion charge in the first quarter due to U.S. restrictions on semiconductor exports to China. The company said the move may limit sales opportunities in one of the world's largest chip markets. Nvidia shares fell 8.79% to $102.34 following the disclosure, leading declines in tech-heavy indices and sparking losses among chipmakers in Asia. The curbs could also restrict access to artificial intelligence components for Chinese firms, increasing the risk of further retaliatory trade actions.

Silver futures rose 0.5% to $32.455 per ounce, while platinum futures slipped 0.1% to $968.95 per ounce. Copper prices moved lower despite China's first-quarter gross domestic product exceeding expectations. Analysts cautioned that future GDP readings may reflect the economic toll of escalating trade tensions. Copper on the London Metal Exchange dropped 0.6% to $9,108.85 per ton, while U.S. copper futures slipped 0.5% to $4.5920 per pound.

Major U.S. stock indexes fell, with the Nasdaq Composite down 3.29%, the S&P 500 losing 2.27%, and the Dow Jones Industrial Average declining 1.54%. The U.S. dollar index dropped 0.71% to 99.25, and the CBOE Volatility Index rose 9.46% to 32.97.

Other major decliners included Tesla (TSLA, Financials), Palantir (PLTR, Financials), and Apple (AAPL, Financials), each posting sharp losses alongside Nvidia.