Gold recorded a new all-time high, driven by safe-haven demand amid renewed trade tensions between the United States and China, and expectations of interest rate cuts by the U.S. Federal Reserve. Spot gold rose by 1.03% to reach $4,058.73 per ounce, after touching an all-time high of $4,059.30 earlier in the session. Meanwhile, U.S. gold futures for December delivery increased by 1.8% to settle at $4,074.60.
U.S. President Donald Trump imposed 100% tariffs on Chinese goods exported to the United States. He also announced new export controls covering biotechnological software starting November 1, in response to China’s restrictions on the export of rare elements and equipment.
