Bank of America and financial services firm Societe Generale expect gold to hit a record $5,000 an ounce by 2026, while financial services firm Standard Chartered raised its price forecast for next year to $4,488.

Silver spot prices also jumped 2.2 percent to $53.60 an ounce, buoyed by the same factors that are supporting gold.

“Trade tensions are not the main reason for gold’s rally today, but increasing expectations of continued Fed rate cuts, which ultimately reduce the opportunity cost of holding the yellow metal, are other factors driving the precious metal’s growth,” said Kelvin Wang, chief market strategist at brokerage OANDA.

The latest trade tensions came on Thursday when China announced it would increase export controls on rare earth elements, prompting Trump to threaten China with a 100 percent tariff on imports from the country and export controls on critical American-made software, threats that would take effect on November 1.

Besant also added that the ongoing US federal government shutdown, now in its 13th day, is affecting the country’s economy.