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Gold prices surged to a new record high above $4,100 on Tuesday, driven by growing expectations of US Federal Reserve interest rate cuts and renewed US-China trade tensions that spurred safe-haven demand. Silver also rallied to an all-time high. Spot gold rose 0.4% to $4,124.79 per ounce, after touching a record $4,131.52 earlier in the session. US gold futures for December delivery gained 0.3% to $4,143.10. The precious metal has climbed nearly 57% since the beginning of the year, breaking above the $4,100 mark for the first time on Monday. The rally has been underpinned by geopolitical and economic uncertainty, expectations of monetary easing, robust central bank purchases, and strong inflows into gold-backed exchange-traded funds. Spot silver advanced 0.3% to $52.49 per ounce, after earlier hitting $52.70. Among other precious metals, platinum rose 0.5% to $1,653.45 per ounce, while palladium added 1.6% to $1,498.25, its highest level since May 2023.

Gold prices rose further to hit a fresh high on Tuesday and were poised for their best month in 14 years, as fears of a potential US government shutdown and growing expectations of further US interest rate cuts boosted demand for the safe-haven metal. Spot gold was up 1% at $3,869.75 per ounce. Bullion has risen 11.4% so far in September, on track for its best month since August 2011. US gold futures for December delivery gained 0.4% to $3,872. Spot silver was steady at $46.95 per ounce, platinum eased 0.2% to $1,597.58, and palladium fell 0.8% to $1,259.02.

Australia's annual inflation rate rose to its highest level in 12 months in August, with headline inflation climbing to 3%, dashing expectations of an interest rate cut this month.Official data released Wednesday showed the monthly consumer price index (CPI) exceeded forecasts after headline inflation had reached 2.8% in the 12 months to July.However, trimmed mean annual inflation, the Reserve Bank of Australia's (RBA) preferred gauge of core inflation, eased slightly to 2.6% in August from 2.7% the previous month.The RBA had anticipated a sharp pickup in inflation following the expiry of federal government electricity rebates, which left households paying the full cost of energy bills.Michelle Marquardt, head of prices statistics at the Australian Bureau of Statistics, said the annual increase in electricity costs was mainly driven by higher living expenses faced by households in Queensland, Western Australia and Tasmania in August 2025 compared with the same month in 2024.The inflation data, combined with last week's labor market report showing continued tightness in employment conditions, is expected to prompt the RBA's monetary policy board to keep its policy settings unchanged at its next meeting, maintaining a cautious stance on interest rates.

European stocks edged lower on Friday as investors awaited key eurozone indicators and a US inflation report for signals on the timing of potential US interest rate cuts.The pan-european stock index slipped 0.2% to 552.41 points, putting it on track for its first weekly loss in a month.Markets broadly expect the US Federal Reserve to begin cutting rates in September, with traders closely monitoring upcoming economic data for confirmation of that outlook.