To update prices and add details

Oct 16 (Reuters) - Gold hit a new record high on Thursday and extended gains for a fifth straight session, benefiting from increased investor appetite for safe-haven assets amid U.S.-China trade tensions, a U.S. government shutdown, and expectations of a U.S. interest rate cut.

By 0611 GMT, spot gold was up 0.2 percent at $4,217.39 per ounce. Earlier in the session, it hit a new record high of $4,241.77 per ounce.

US gold futures for December delivery rose 0.7 percent to $4,232 .

US officials criticized China's expanded restrictions on rare earth mineral exports on Wednesday, describing them as a threat to global supply chains. The United States and China exchanged port tariffs on each other's vessels on Tuesday.

"Federal Reserve comments that have increased the likelihood of future interest rate cuts are supporting gold, and US President Donald Trump's shift to describing what is happening as a trade war is providing very strong support for gold," said Kyle Rodda, senior analyst at OANDA.

Gold is often viewed as a safe haven asset during times of uncertainty and thrives in a low interest rate environment . Its price has jumped 61 percent since the beginning of this year.

Among other precious metals, spot silver fell 0.5 percent to $52.78 an ounce, after hitting a record high of $53.60 on Tuesday.

Platinum rose 0.3 percent to $1,658.10 , while palladium fell 0.3 percent to $1,531.82 .

(Prepared by Rehab Alaa and Marwa Salam for the Arabic Bulletin - Edited by Marwa Gharib)