Gold Nears Fresh Record High on Safe-Haven Demand

Gold prices continued to trade near record highs on Wednesday, as renewed US-China trade tensions prompted investors to seek refuge in the safe-haven metal, while expectations of a potential US interest rate cut further supported bullish sentiment.

Spot gold was up 0.4% at $4,155.99 per ounce.

US gold futures for December delivery gained 0.3% to $4,174.30.

The precious metal, which yields no interest and is widely viewed as a store of value in times of economic and geopolitical uncertainty, reached a record high of $4,179.48 per ounce on Tuesday.