Gold extends record rally on US-China tensions, rate outlook

Oct 16 (Reuters) – Gold hit a record high on Thursday, rising for a fifth session, as investors ramped up their safe-haven bets amid rising trade tensions between the world’s two largest economies, a U.S. federal government shutdown and heightened rate-cut bets.
Spot gold was up 0.8% at an all-time peak of $4,241.77 per ounce, as of 0311 GMT. U.S. gold futures for December delivery gained 1.2% to $4,253.70.
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U.S. officials on Wednesday criticised China’s expanded rare-earths export controls, describing them as a threat to global supply chains, while signalling potential retaliatory measures while the two countries introduced reciprocal port fees on each other’s ships on Tuesday.