Gold, Silver Hit Fresh Record Highs

Gold and silver prices surged to new record highs on Monday, driven by strong safe-haven demand amid renewed trade tensions between the United States and China, as well as expectations that the US Federal Reserve will cut interest rates.

Spot gold rose 0.7% to $4,044.29 per ounce, while US gold futures for December delivery advanced 1.6% to $4,062.50.

Silver climbed 2% in spot trading to a record $51.52 per ounce, extending its recent rally.

Gold, which yields no interest, has gained 54% so far this year, supported by anticipation of lower borrowing costs and increased geopolitical uncertainty.

Among other precious metals, platinum rose 2.6% to $1,628.80 per ounce, while palladium gained 2.6% to $1,442.06.