Gold hits record high above $4,200

Gold prices rise to all-time high amid uncertainty over US monetary policy

Gold and silver prices surged to all-time highs on Wednesday amid uncertainty over US monetary policy and an ongoing government shutdown that coincides with rising trade tensions with China.

December gold futures climbed 0.85%, or $35.2, to $4,198.6 an ounce after touching $4,210 earlier in the session, the first time the most active contract has ever topped $4,200.

Spot gold rose 0.85%, or $36.55, to $4,179.49 an ounce after hitting a record high of $4,186.68 earlier in the day, while spot silver gained 1.5% to $52.202.

The dollar index, which measures the greenback against a basket of six major currencies, slipped 0.15% to 98.9 as of 7:57 a.m. in Mecca.

December silver futures jumped 0.95% to $51.1 an ounce after touching a record $51.45, while spot platinum rose 1% to $1,651.54 and spot palladium edged up 0.35% to $1,532.83.

Federal Reserve Chair Jerome Powell said on Tuesday that policymakers would decide on any further rate cuts on a meeting-by-meeting basis as they seek to balance a softening labor market with inflation still above the 2% target.