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Gold extended its rally to a fresh record high yesterday, as investors turned to the safe-haven asset due to US-China trade tensions and the US government shutdown, with prospects of interest rate cuts further boosting demand.
Spot gold was up 0.6 per cent at $4,233.39 per ounce, as of 0810 GMT. Earlier in the session, bullion touched a record high of $4,241.77, climbing for a fifth consecutive session.
US gold futures for December delivery were up 1.1pc at $4,247.10.
Gold, traditionally seen as a store of value during times of instability, has risen 61pc year-to-date.
There is a strong likelihood the metal remains above the $4,200 level, Shah added.
Gold’s rally has been driven by a cocktail of factors, including expectations of interest rate cuts, ongoing political and economic uncertainty, solid central bank buying, inflows into gold exchange-traded funds and a weak dollar.
On the monetary policy front, traders are pricing in a 25 basis-point cut in October with another in December, seen as 98pc and 95pc chances respectively, Reuters reported.
Non-yielding gold typically performs well in a low-interest-rate environment.
Spot silver fell 0.6pc to $52.77 per ounce, after hitting a record high of $53.60 on Tuesday, tracking gold’s rally and supported by tightness in the spot market.
Platinum eased 0.4pc to $1,653.93 and palladium rose 0.3pc to $1,540.21.
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