Gold’s record-setting rally is making ever-larger waves in China by stoking retail demand, fanning unprecedented trading volumes on the Shanghai exchange 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.

The U.S. and China held talks on Thursday morning to help resolve an ongoing trade war, President Donald Trump said. "We may reveal it later, but they had meetings this morning, and we've been meeting with China,