Gold nears record $4,200 as trade tensions boost demand

MG News | October 15, 2025 at 11:00 AM GMT+05:00
October 15, 2025 (MLN): Gold prices surged to a new record high, closing in on the $4,200-per-ounce mark on Wednesday, supported by growing expectations of additional U.S. interest rate cuts and rising concerns over U.S.-China trade relations that lifted demand for safe-haven assets.
Spot gold was up 1.97% at $4185.76 an ounce as of [10:58 am] PST, according to data reported by Mettis Global.
December U.S. gold futures climbed
0.8% to settle at $4,197.50 per ounce.
Market sentiment was further
influenced by U.S. President Donald Trump’s remarks on Tuesday, that his administration would unveil on Friday
a list of “Democrat programmes” to be shut down amid the ongoing federal
government closure.
Meanwhile, Federal Reserve Chair
Jerome Powell noted that while the U.S. labour market remains soft, the
broader economy appears to be on a “somewhat firmer trajectory than expected.”
He reiterated that future interest rate decisions will continue to be
determined “meeting by meeting,” balancing weak employment data against
inflation that remains above target levels.
Investors are now almost fully pricing
in 25-basis-point rate cuts in both October and December, according to
market expectations.
Gold has soared 59% so far this
year, driven by a combination of factors persistent geopolitical and economic
uncertainty, expectations of monetary easing in the U.S., record central bank
purchases, growing moves toward de-dollarisation, and solid inflows into
gold-backed exchange-traded funds (ETFs).
Adding to market jitters, Trump
revealed that Washington is weighing potential curbs on trade with China,
including restrictions related to cooking oil, as both nations began
implementing mutual port fees earlier this week.
Separately, the International
Monetary Fund (IMF) upgraded its 2025 global growth forecast, citing
improving financial and tariff conditions. However, it warned that renewed
tensions between the world’s two largest economies could once again pose risks
to global economic stability.
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