Gold’s record-setting rally is making ever-larger waves in China by stoking retail demand, fanning unprecedented trading volumes on the Shanghai exchange and drawing warnings from the authorities.

Gatestone Institute senior fellow Gordon Chang believes it's "a win for Trump" as a "really bad story for Beijing" emerges in the trade tensions between China and the U.S.

The Trump administration has been saying that the two countries are engaged in talks to resolve the dispute, but Beijing asserts that no such discussions are happening.

Gold prices fell 2% on Friday and were on track for a weekly dip as the dollar rose and signs of easing U.S.-China trade tensions after a report that Beijing had exempted some U.S. goods from its tariffs weighed on bullion.

Gold futures fell 1.36% to $3,302.90 a troy ounce but remained up more than 25% year-to-date. Gold continues to benefit from safe-haven demand as investors seek protection from global trade fragmentation and deteriorating confidence in policy stability,