Gold hits new record as US–China tensions reignite safe-haven demand
Today’s markets analysis on behalf of Konstantinos Chrysikos Head of Customer Relationship Management at Kudotrade
Gold extended its winning streak on Monday, reaching a new record high as renewed volatility surrounding US–China trade relations spurred demand for safe-haven assets. The move followed a turbulent weekend in which President Donald Trump first threatened to impose 100% tariffs on Chinese exports from November 1, only to soften his stance two days later.
The renewed trade uncertainty came against the backdrop of a prolonged US government shutdown, which has entered another week and continues to delay key economic data. Investors also maintained focus on the Federal Reserve, with markets still expecting two additional 25-basis-point rate cuts this year. The combination of political uncertainty and expectations of easier monetary policy continued to underpin gold’s rally.
In the Middle East, a ceasefire between Israel and Hamas took hold, marking the official start of a prisoner exchange process under the US-brokered peace plan. The development eased regional tensions and could temper near-term safe-haven flows.
However, the broader geopolitical picture remains fragile. In Eastern Europe, Washington is reportedly considering sending long-range cruise missiles to Ukraine, a move that risks escalating its confrontation with Russia.
Zaid Barem / ymm
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