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

Gold has jumped to a fresh high as investors fret over the impact of the trade war between the US and China. Spot gold touched $3,357.40 (£2,540) per ounce on Wednesday, before dipping from its peak. It has risen by around a third since the start of the year.

Gold prices steadied on Friday, on track for a third weekly gain, as investors maintained a bullish outlook while closely monitoring developments in the U.S.-China trade negotiations. Spot gold was steady at $3,