Gold rises to new record close

December gold futures settled at $4,163.4 an ounce, marking the most active contract’s 46th record close so far this year

Gold prices rose on Tuesday, supported by expectations of US interest rate cuts and renewed demand for safe-haven assets amid escalating trade tensions.

December gold futures gained 0.73%, or $30.4, to settle at $4,163.4 an ounce, marking the most active contract’s 46th record close so far this year.

The yellow metal continued to benefit from global geopolitical uncertainty and growing bets that the Federal Reserve will cut rates at its two-day meeting on Oct. 28–29.

Gold also received an extra boost after US President Donald Trump announced additional tariffs on China over its tightened restrictions on rare earth exports.

US Trade Representative Jameson Greer said earlier Tuesday that the new tariffs, set to take effect Nov. 1, would depend on Beijing’s response to its latest escalation.

Earlier in the day, Beijing added five US subsidiaries of South Korean shipbuilder Hanwha Ocean to its sanctions list, accusing them of involvement in a US investigation into China’s shipping sector.