Traders Flee to Gold, Ditch Oil

Amid heightened uncertainty about trade and economies, gold prices have hit multiple record highs this year, while oil prices have slipped to four-year lows as concerns about global oil demand spiked with all the trade and tariff chaos. Gold hit another record high on Monday as the U.S.-China trade war escalated and the U.

S. dollar weakened amid persistent fears of a recession. Gold, the safe-haven asset, has benefited from the market chaos, while riskier commodity assets, such as crude oil, have suffered amid deteriorating oil demand outlooks.…