Gold’s price per ounce surged past $4,000 this month, a record-breaking rally tied in part to eroding confidence in the US dollar. Uncertainty driven by Donald Trump’s trade war as well as questions about the independence of the Federal Reserve and America’s wavering economy have also played a part. Add to that heightened geopolitical tensions across the globe and you have a recipe for a mass flight to gold. And that’s exactly what central banks and investors have been doing. Now with China seeking to offer an alternative to American dominance, we look at what gold’s historic rise means for the global financial system. Read more: Why Investors Can’t Seem to Get Enough of Gold bloomberg.com/news/articles/2025-10-16/gold-price-record-how-us-china-tensions-fed-cut-bets-are-driving-bullion-rally Sign up for the Economics Daily newsletter to discover what's driving the global economy and what it means for policy makers, businesses, investors and you. bloomberg.c...