Gold rose to a fresh high just shy of the $4,200-per-ounce level on Wednesday, buoyed by rising expectations of further U.S. rate cuts, while renewed U.S.-China trade worries also boosted safe-haven demand.

Spot gold was up 0.8% at $4,173.56 per ounce, as of 0252 GMT, after hitting a record high of 4,186.68 earlier in the session. U.S. gold futures for December delivery gained 0.7% to $4,192.90.