Gold prices rose above $4,230 per ounce on Thursday, continuing its rally to a new record, driven by safe-haven demand and growing expectations of a dovish US monetary policy. Fed Chair Jerome Powell’s recent remarks highlighting signs of a weakening labor market prompted investors to nearly fully price in a 25 bps rate cut at this month’s meeting, with another likely in December. The outlook also weighed on the dollar, making gold more attractive to foreign buyers. In trade developments, US officials on Wednesday denounced China’s tighter rare earth export restrictions, warning they pose risks to global supply chains and suggesting possible US countermeasures. Treasury Secretary Scott Bessent said Washington could also impose export limits or tariffs on China’s Russian oil imports if coordinated with European partners. Meanwhile, the prolonged government shutdown continued to pose risks on the US economy and add to market jitters.
