Washington: Gold and silver prices have surged to unprecedented levels, driven by escalating trade tensions between the United States and China, along with expectations of upcoming U.S. Federal Reserve interest rate cuts.

Spot gold rose 0.7 percent to $4,044.29 per ounce, reaching an intraday peak of $4,059.30. U.S. gold futures for December delivery climbed 1.6 percent to $4,062.50. The surge comes after President Donald Trump announced 100 percent tariffs on Chinese goods and new export controls on critical software, effective November 1, in response to China’s restrictions on rare earth elements and equipment. Analysts say geopolitical uncertainty has renewed investor interest in safe-haven assets like gold.

Silver also reached an all-time high, with spot prices jumping 2 percent to

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