Gold, silver hit record highs

Gold prices scaled to another record high on Monday as investors revved up their safe-haven bets after US President Donald Trump renewed tariff threats against China, while expectations of US interest rate cuts added to the metal's allure.

Silver also jumped to an all-time peak, tracking gold's rally.

Spot gold was up 1.4 percent to $4,074.02 per ounce, as of 0825 GMT, after hitting a record $4,078.05/oz.

US gold futures for December delivery surged 2.3 percent to $4,093.50.

Trump on Friday reignited the US trade war with China, threatening 100 percent tariffs on Chinese goods imports into the United States and announcing new export controls on critical software by November 1 in a reprisal against Beijing curbing critical mineral exports. However, Trump, posting on Truth Social on Sunday, wrote: "Don't worry about China, it will all be fine!"

Trade tensions remain a focus for markets, said UBS analyst Giovanni Staunovo, adding that "while they have eased again between the US and China, the 100 percent additional tariff threat remains."

"Ongoing strong investment and central bank demand should further support gold. We target a move to $4,200/oz," he added.

Spot silver jumped 2.2 percent to $51.37/oz, after hitting $51.70/oz, driven by similar factors as gold alongside tightness in the spot market. Goldman Sachs said on Sunday that silver prices were expected to rise in the medium term due to private investment flows, but warned of heightened near-term volatility and downside risks compared to gold.

On a technical basis, gold's and silver's Relative Strength Index stands at 80 and 83, respectively, indicating the metals are overbought.

Non-yielding bullion has gained 53 percent year-to-date, driven by geopolitical risks, alongside strong central bank gold-buying, exchange-traded funds inflows, Fed rate cut expectations and economic uncertainties stemming from tariffs.