Gold prices hit a new record, surpassing $4,100 a troy ounce, as renewed trade tensions between the United States and China and the prospect of further US interest rate cuts boost demand.
In afternoon trading, New York futures rose 2.9% to $4,116.20 a troy ounce, while spot gold rose 1% to $4,016.68 a troy ounce.
Bank of America raised its gold price forecast to $4,400 an ounce on average by 2026, while analysts at Societe Generale say they now see prices reaching $5,000 an ounce by the end of next year.