Jakarta. Global gold prices continued their historic rally on Tuesday, soaring past a new all-time high above $4,160 per troy ounce as investors flocked to safe-haven assets amid escalating the US-China trade tensions.

Spot gold jumped 1.23 percent to 4,161.33 per troy ounce, marking its highest level on record. The metal has surged 4.46 percent over the past week, 14.23 percent in the last month, and a striking 56.61 percent year-to-date, up 56.98 percent from a year earlier.

Andy Nugraha, an analyst at Dupoin Futures Indonesia, said the rally was fueled by renewed geopolitical uncertainty following fresh tariff measures from Washington.

“Uncertainty in the global economy continues to reinforce gold’s appeal as a hedge. If this momentum holds, gold could test the $4,200 level in the near term. Should a correction occur, the $4,071 area would serve as the nearest support,” he said.

The surge came after President Donald Trump announced a 100 percent tariff on all Chinese imports and new restrictions on exports of key the US-made software starting November 1.

“Although Trump later attempted to ease market nerves by saying ‘everything will be fine,’ the underlying trade concerns remain unresolved,” Andy said.

He added that expectations of interest rate cuts by the US Federal Reserve have further fueled the rally. Markets are now almost fully pricing in a 25-basis-point cut at the Fed’s October meeting, with another potential reduction in December.

“Lower interest rates generally boost gold’s attractiveness by reducing the opportunity cost of holding the metal,” Andy explained.

In the bond market, the yield on the US 10-year Treasury slipped eight basis points to 4.059 percent, while the real yield fell to 1.742 percent, providing additional support for gold’s strength.

Looking ahead, Bank of America and Societe Generale project that gold could surpass $5,000 per troy ounce by 2026. Standard Chartered also raised its 2026 average price forecast to $4,488.

“This rally reinforces gold’s role as a premier hedge asset in uncertain times,” Andy said. “With momentum still strong, the potential for new record highs remains wide open.”