Gold prices rose to a new record high during Thursday's trading, as investors sought safe havens amid a combination of trade tensions, the ongoing US government shutdown, and expectations of a Federal Reserve interest rate cut.
December gold futures rose 1%, or $42.3, to $4,243.2 per ounce, after hitting a new record high of $4,255.4.
Spot gold rose 0.4% to trade at $4,225.09 per ounce, paring gains after hitting an all-time high of $4,241.77.
The dollar index, which measures the US currency's performance against a basket of six major currencies, fell 0.2% to trade at 98.61 as of 8:26 AM Mecca time.
Meanwhile, December silver futures rose 1.35% to $52.06 an ounce, while spot platinum prices rose 0.4% to $1,660.15, and palladium fell 0.5% to $1,528.25.
US Treasury Secretary Scott Besant said Washington has additional measures in place against China if it proceeds with tightening export restrictions on rare earths, and that it is prepared to impose tariffs on Beijing over its purchases of Russian oil, provided its European partners join Washington, according to Reuters
