<h1>Gold hits record highs as rate cut hopes, geopolitical tensions, trade-policy uncertainty and illegal-tariff ruling boost safe-haven demand</h1> Gold surged to record highs as expectations of US Fed rate cuts, geopolitical tensions, and trade uncertainty drove safe-haven demand, lifting domestic and global futures. The report notes sustained bullish momentum on commodity exchanges and higher silver levels. Legally relevant developments include a US appeals court ruling deeming certain tariffs illegal and the US administration's intent to seek an expedited Supreme Court ruling, raising trade-policy uncertainty that may affect tariffs, import duties and customs enforcement. Market participants flag upcoming US macro data and OPEC+ developments as factors that could influence regulatory and monetary responses.