Gold prices climbed to a record high on Tuesday (October 14) as renewed US-China trade tensions exacerbated broader uncertainty, bolstering safe-haven demand, while the prospects of US rate cuts lent support, with silver also reaching an all-time peak.

Spot gold was up 0.4% at $4,124.79 per ounce, as of 0029 GMT, after having hit an all-time high of $4,131.52 earlier in the session.

Safe-haven gold has surged 57% year-to-date, surpassing the crucial $4,100 milestone for the first time on Monday (October 13), bolstered by geopolitical and economic uncertainties, rate-cut expectations, strong central bank buying, and strong ETF inflows.

Spot silver was up 0.3% at $52.49 per ounce, after hitting $52.70 earlier in the day, supported by factors driving gold and tightening in the spot market.

Bank of America and Societe Generale analysts now forecast gold to hit $5,000 by 2026, while Standard Chartered raised its 2026 average forecast to $4,488.

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Gold hits record high on safe-haven rush; silver follows suit