Gold hits record high as US-China trade woes escalate; silver scales all-time peak

Gold soared to a record high on Monday, lifted by safe-haven demand amid renewed US-China trade tensions and expectations of US Federal Reserve interest rate cuts, while silver also surged to an all-time high. Spot gold was up 0.7% at $4,044.29 per ounce, as of 0253 GMT, after hitting a record high of $4,059.30 earlier in the session. US gold futures for December delivery rose 1.6% to $4,062.50. US President Donald Trump on Friday imposed 100% tariffs on Chinese goods to the United States and announced new export controls on critical software effective November 1 in response to China’s curbs on rare earth elements and equipment, which Beijing defended on Sunday as justified while stopping short of imposing additional levies on US goods.