The spot price of gold hit a new record high on Monday. As of 9:34 a.m., it stands at $4068.74 per ounce, which is 1.3% higher than the previous session’s close. Earlier in trading, the spot price of gold rose to $4078.24 per ounce, marking an all-time high. Gold futures on the Comex exchange are up 2.2%, reaching $4087.4 per ounce.
The precious metal is supported by rising tensions between the United States and China, as well as expectations of further interest rate cuts by the Federal Reserve.
On Friday, U.S. President Donald Trump announced the possibility of significantly increasing import tariffs on Chinese goods in response to Beijing’s tightened export controls on rare earth metals. He also said he saw no point in meeting with Chinese President Xi Jinping. However, on Sunday, Trump stated that Washington wants to help Beijing rather than harm it and suggested that he might still meet with Xi later this fall.
In addition, traders expect two more rate cuts by the Fed before the end of the year. According to futures market pricing, the probability of a 25-basis-point rate cut by the U.S. central bank at its next meeting on October 28–29 is estimated at 95.7%. Investors in the derivatives market also expect another similar cut in December.
Earlier, the analytical center Experts Club released an analysis of the world’s leading gold-producing countries in a video on its YouTube channel — https://youtube.com/shorts/DWbzJ1e2tJc?si=9YBue5CS6dz-tA6_
