Gold prices rose above $4,040 per ounce on Monday, hovering near a record high hit earlier in the session, as renewed US-China trade concerns and economic uncertainty boosted safe-haven demand. President Trump on Friday threatened to impose extra levies of 100% on Chinese exports, along with new export controls on critical software from November 1. However, he softened his stance on Sunday, saying America wants to help China and not harm it. Meanwhile, Beijing defended its rare earth export curbs and warned its readying countermeasures against any new US tariffs. Adding to market jitters, the US government shutdown has stretched into another week, depriving investors of key economic data needed to gauge the health of the economy. Still, traders widely expect the Federal Reserve to deliver additional 25bps rate cuts at each of its remaining meetings this year. On the geopolitical front, Trump said on Sunday that the Gaza war has ended as he flew to Israel for the release of hostages.
