Gold prices climbed to around $4,180 per ounce on Wednesday, extending its bullish run to notch a fresh record as investors sought the metal’s safety and ramped up bets of additional US monetary easing. In the latest escalation of US-China trade tensions, President Donald Trump accused China of engaging in “economically hostile” behavior by halting soybean imports and warned of possible retaliatory measures, including a cooking oil embargo. The remarks came after China threatened further retaliation following its sanctions on five US units of South Korean shipbuilder Hanwha Ocean. Continuing to add to broader market anxiety was the ongoing US government shutdown, which a US official said is beginning to weigh on the economy. Meanwhile, Fed Chair Jerome Powell, speaking at the NABE annual meeting, warned that the sharp slowdown in hiring is increasingly threatening the US economy, hinting at the possibility of two more rate cuts this year.