Gold prices rose to $4,050 per ounce on Monday, hovering near a record high hit earlier in the session, as renewed US-China trade tensions and broader economic uncertainty boosted safe-haven demand.
President Trump on Friday threatened to impose extra levies of 100% on Chinese exports and new export controls on critical software from November 1, but later softened his stance, saying America wants to support China rather than harm it.
Meanwhile, Beijing defended its new rare earth export curbs and warned its readying corresponding measures to counter any new US tariffs.
Adding to market jitters, the US government shutdown has stretched into another week, leaving markets without several key economic indicators needed to assess the health of the economy.
Still, traders widely expect the Federal Reserve to deliver additional 25bps rate cuts at each of its remaining meetings this year.
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