Gold prices reach record highs on news from US and China

Gold prices on global exchanges have surged to new record highs amid escalating trade tensions between the United States and China.

According to Report, trading data indicate that the price of December gold futures on the New York Comex exchange rose by $84.27, or 2.11%, compared to the previous close, reaching $4,084.67 per troy ounce.

December silver futures also increased by 4.57%, to $49.405 per ounce.

US President Donald Trump announced that, starting November 1, he plans to impose a new 100% tariff on goods imported from China.