Gold soared to record levels as renewed concerns over US credit quality and escalating US-China tensions drove investors toward safe-haven assets.Gold surged 1.2 per cent to $4,379.93 per ounce on Friday, heading for its biggest weekly gain since 2008 and extending a rally that began in August. The surge was underpinned by expectations of steep Federal Reserve rate cuts later this year, which also lifted other precious metals.Meanwhile, Silver also breached its 1980 record on a discontinued Chicago Board of Trade contract, touching $54.38 an ounce before stabilising, as reported by Bloomberg. Palladium and platinum also posted substantial weekly advances.Gold has jumped more than 65 per cent this year, buoyed by central bank buying, ETF inflows, and geopolitical uncertainty. Silver has risen nearly 90 per cent, driven by similar factors and a major supply squeeze in London that pushed benchmark prices above New York futures.More than 15 million ounces of silver were withdrawn from Comex-linked warehouses in recent days, reportedly to ease tightness in London. The price gap between the two markets has narrowed to 70 cents per ounce from $3 earlier.As of 7:57 a.m. in Singapore, spot gold was up 1 per cent at $4,369.14 per ounce, bringing its weekly gain to 8.7 per cent. Platinum rose 8 per cent this week, and palladium surged 16 per cent.Market sentiment turned volatile on Thursday after two US regional banks disclosed loan irregularities involving fraud allegations, sparking fresh concerns about borrower stability. The developments, alongside heightened US-China trade tensions and limited economic data amid the Washington shutdown, fuelled safe-haven demand.Investors are increasingly pricing in aggressive rate reductions by year-end, while Fed Chair Jerome Powell has signalled another quarter-point cut this month — a backdrop favouring non-yielding assets like gold and silver.Additionally, china’s Commerce Minister Wang Wentao blamed Washington for recent diplomatic strains, warning against economic decoupling. His remarks followed US Treasury Secretary Scott Bessent’s criticism of a Chinese trade official’s surprise Washington visit as “unhinged”.