Khaberni - Gold prices rose on Wednesday to stay close to record levels, as investors turned to the precious metal, considered a safe haven amid renewed trade tensions between the United States and China and increasing global uncertainty, while expectations of a new US interest rate cut added to this momentum.
Gold in spot transactions increased by 0.4% to $4155.99 per ounce by 00:32 GMT.
US futures contracts for gold delivery in December rose by 0.3% to $4174.30.
The precious metal, which does not yield returns and is considered a safe haven amid uncertainty, has increased by 55% since the beginning of this year and recorded a historic high of $4179.48 last Tuesday.
Gold rose for several reasons, including geopolitical and economic uncertainty, expectations of a US interest rate cut, central banks buying large amounts of the precious metal, a decline in dollar dominance, and strong flows from exchange-traded funds.
Investors expect a 25 basis point interest rate cut at the upcoming Federal Reserve meeting this month, with a similar cut expected in December.
US President Donald Trump said that Washington is considering cutting some trade ties with China, including cooking oil, amid escalating trade tensions.
Both countries began imposing reciprocal port duties last Tuesday.
