Gold Prices Hit New Record High

Gold achieved a record high today, supported by safe-haven demand amidst renewed trade tensions between the United States and China and expectations for a Federal Reserve interest rate cut.

Silver also soared to its highest level ever. Spot gold rose by 0.7 percent to $4044.29 per ounce by 0253 GMT, after hitting a record high of $4059.30 earlier in the session.

U.S. gold futures for December delivery increased by 1.6 percent to $4062.50.

Spot silver jumped 2 percent to a record $51.52 per ounce, affected by the same factors influencing gold. Platinum rose 2.6 percent to $1628.80, while palladium gained 2.6 percent to $1442.06.