The Financial Post reports in its Thursday edition that gold surged to a record high as haven demand rose due to a falling U.S. dollar and slumping tech stocks after President Donald Trump ordered an investigation that could escalate the trade war. A Financial Times of London dispatch to the Post reports that on Wednesday, bullion climbed 2.7 per cent to over $3,300 an ounce, surpassing the previous record. The dollar hit a six-month low amid tariff-related volatility. The precious metal has risen 26 per cent this year, driven by concerns over a global recession and the unpredictability of U.S. tariffs. Leading banks remain optimistic about bullion'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 is forecasting that prices will rally to $4,000 an ounce by mid-2026. In a Bank of America global fund manager survey this week, 42 per cent of respondents expected gold to be the best performing asset class in 2025, up from 23 per cent in March. Nearly half of respondents now see "long gold" as the most crowded trade, replacing "long Magnificent Seven," which held the top position for two years.