Gold prices breached the key $3,200/oz level for the first time on Friday, fuelled by a weaker dollar and an escalating trade war that sent investors rushing toward safe-haven assets.

Spot gold was up 1.4% at $3,217.78 an ounce as of 0350 GMT. Bullion scaled an all-time peak of $3,219.84 earlier in the session, and has gained almost 6% this week, Reuters reported.

U.S. gold futures climbed 1.9% to $3,237.50.

“The rapid weakening of the U.S. dollar seems to be the main driver of gold’s rebound at the moment. That seems to reflect an ongoing exodus from USD-based assets, with stocks and bonds’ selloff amid tariff policy uncertainty,” said Ilya Spivak, head of global macro at Tastylive.

The dollar was down nearly 1% against its major peers, making greenback-priced bullion cheaper for overseas buyers.

Major stock indexes also fell after U.S. President Donald Trump ratcheted up tariffs on Chinese imports to 145%, but hit a 90-day pause on previously announced tariffs for dozens of countries.

China has been matching Trump’s tariff hikes, sparking fears that Beijing could push duties on the U.S. beyond the current 84%.

“$3,500 is the next round number people will be looking at. I suspect we won’t get there immediately or without bumps along the way,” Capital.com’s financial market analyst Kyle Rodda said.

Apart from tariffs, central bank demand, expectations of interest rate cuts by the Federal Reserve, geopolitical instability in the Middle East and Europe, and increased flows into gold-backed exchange-traded funds also fuelled the metal’s rally this year.

U.S. consumer prices fell unexpectedly in March but inflation risks are tilted to the upside, data showed.

Traders now bet that the Fed will resume cutting rates in June and probably reduce by a full percentage point by the end of 2025.

Spot silver added 0.3% to $31.29 an ounce, while platinum dipped 0.1% to $936.85. Palladium gained 0.8% to $916.18.

Russia and Uzbekistan design organizations will work together this year to conduct the Trans-Afghan Railway project’s feasibility study, Trend news agency reported. 

According to a statement issued by Russia’s Ministry of Transport on Tuesday, Russian and Uzbek designers “will ensure the preparation of sections of the feasibility study for the project to build the Trans-Afghan Railway along the agreed routes, including in terms of determining the forecast for freight traffic volumes and economic efficiency.”

The ministry said two routes have been identified. These are: Mazar-e-Sharif – Herat – Dilaram – Kandahar – Chaman; and the other is Termez – Naibabad – Logar – Kharlachi.

The statement noted that the first session to discuss the project will be held within the framework of the Russia-Islamic World Forum in Kazan in May. A delegation from Afghanistan will attend, along with representatives from Pakistan Railways. 

The Ministry of Industry and Commerce has confirmed that Afghanistan will participate in the XVI (16th) International Economic Forum ‘Russia — Islamic World: Kazan’ and the Kazan Halal Expo in Russia this year.

The forum will run from May 13 to 18 and will bring together experts from Russian regions; the Organization of Islamic Cooperation (OIC) member states; and other countries to discuss various topics during the 120 sessions planned.

The expo meanwhile will showcase thousands of goods from around the world that meet Halal standards.

Abdul Salam Javad Akhundzada, the ministry’s spokesman, said Sunday that Minister of Industry and Commerce Nooruddin Azizi has stated that Afghanistan is ready to participate in the event and showcase Afghan products.

According to Akhundzada, Azizi has discussed the event with members of the private sector who are eager to participate.

The expo, which is held annually alongside the forum, is Russia’s largest trading platform for Muslims.

Russia’s President Vladimir Putin said in a statement on the forum and expo recently that “Russia values its traditionally friendly ties with Muslim countries. We highly appreciate their desire to pursue an independent foreign policy and increase their role in international affairs.

“Together, we stand for the formation of a democratic multipolar world order, based on the rule of law and principles of justice, free from any form of dictatorship and discrimination.

“Of course, we are also committed to expanding mutually beneficial cooperation in all areas, from trade and investment to sports and tourism,” he said.

Putin went on to say “I believe that the work of the forum will be meaningful and constructive as always and will be held in a spirit of openness and trust. It will serve to further promote the friendship and creative partnership between our countries and peoples.”

The forum will bring together experts from Russian regions, the Organization of Islamic Cooperation (OIC) member states, and other countries to discuss: