Gold Hits Record Levels Amid Renewed Trade Tensions Between the United States and China
Follow-up
Gold prices surged today to reach record levels, driven by renewed trade tensions between the United States and China, increasing demand for the yellow metal as a safe haven amid global uncertainty. Additionally, expectations of US interest rate cuts have further supported the upward price trend.
Spot gold registered a 0.4% increase to $4,124.79 per ounce, following a previous record level of $4,131.52 during the same session, while US futures for December delivery rose 0.3% to $4,143.10.
Gold has continued its gains since the beginning of the year, rising by 57% and surpassing the $4,100 mark for the first time yesterday, propelled by geopolitical and economic fears, central bank purchases, inflows into exchange-traded funds, and expectations of interest rate cuts.
Other precious metals also saw notable increases, with spot silver rising 0.3% to $52.49 per ounce, platinum climbing 0.5% to $1,653.45, and palladium jumping 1.6% to $1,498.25, marking its highest level since May 2023.
