Gold Nearing Record High Levels

Gold prices saw an uptick on Wednesday, remaining near record highs. Investors are turning to the precious metal, an established safe haven, amid renewed trade tensions between the US and China. Anticipation of another US interest rate cut further fueled this momentum.

In spot trades, gold gained 0.4 percent, reaching $4155.99 per ounce, as of 00:32 GMT. Concurrently, December gold futures in the US rose by 0.3 percent, up to $4174.30.

Since the start of the year, gold, which does not generate any income and is deemed a safe investment during times of uncertainty, has increased by 55 percent. Yesterday, it hit an all-time high of $4179.48.

Investors are predicting a 25 basis point reduction in interest rates during the upcoming Federal Reserve meeting this month. A similar cut is expected in December as well.