October 16 (Reuters) - Gold hit a record high on Thursday, as investors flocked to the precious metal amid ongoing geopolitical and economic uncertainty, rising expectations of a U.S. interest rate cut and a weaker dollar.

By 0033 GMT, spot gold was up 0.4 percent at $4,224.79 per ounce, after hitting a record high of $4,225.69.

US gold futures for December delivery rose 0.9 percent to $4,239.70.

Gold is considered a safe haven asset during times of uncertainty and typically thrives in a low interest rate environment. It has risen 61 percent since the beginning of this year.

The dollar index fell 0.1 percent, hovering near a one-week low, making greenback-denominated gold cheaper for holders of other currencies.

US officials on Wednesday criticized China's expanded controls on rare earth mineral exports, describing them as a threat to global supply chains and vowing to respond.

The United States and China exchanged port duties on each other's ships this week, escalating tensions in the ongoing trade dispute.

Gold's rise is attributed to a combination of factors, including geopolitical risks, expectations of lower US interest rates, and increased central bank purchases of the precious metal.

Investors are likely to implement a 25 basis point interest rate cut at the Federal Reserve's meeting this month, followed by another cut in December.

Among other precious metals, spot silver rose 0.2 percent to $53.16 an ounce, after hitting a record high of $53.60 on Tuesday.

Platinum rose 0.7 percent to $1,665.70, while palladium fell 0.3 percent to $1,540.36.

(Prepared by Rehab Alaa for the Arabic newsletter)