Gold’s Rally Is Helping China Challenge Trump and the Dollar

A scorching gold rally is helping China get one step closer to its goal of building a world less dependent on US-centric financial markets.

Beijing has already been accumulating reserves for a decade, building a bullion stockpile that is likely to be the sixth-largest in the world. Now the metal’s vertiginous ascent is adding support to its campaign. On Wednesday, gold smashed through $4,000 an ounce for the first time — partly thanks to President Donald Trump’s erratic policies at home and abroad.

The record-breaking surge has put bullion front of mind at a time of rising international tension and fraying loyalties, and officials are seizing the moment.

So far this year, Beijing has boosted ...