President Donald Trump asserted on Thursday that trade talks between the U.S. and China are underway, pushing back against Chinese claims that no discussions have taken place to ease the ongoing trade war.

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.

Beijing continues to be willing to endure economic hardship to put pressure on the U.S., even as the Trump administration hints at a more conciliatory approach.