Oct 15 (Reuters) - Gold prices rose on Wednesday, hovering near record highs, as investors flocked to safe-haven bullion after renewed U.S.-China trade tensions deepened global uncertainty, with expectations of further U.S. interest rate cuts adding to the momentum.

FUNDAMENTALS

* Spot gold XAU= was up 0.4% at $4,155.99 per ounce, as of 0032 GMT. U.S. gold futures GCcv1 for December delivery gained 0.3% to $4,174.30.

* Bullion, which yields no interest and is considered a safe haven during broader uncertainty, has gained 55% year-to-date and touched a record high of $4,179.48 on Tuesday.

* Gold's rally is driven by multiple factors, including geopolitical and economic uncertainties, expectations of U.S. interest rate cuts, strong central bank buying, de-dollarisation trend and robust ETF inflows.

* Federal Reserve Chair Jerome Powell said on Tuesday that the U.S. labour market remains subdued, though the economy "may be on a somewhat firmer trajectory than expected."

* Powell added that interest rate decisions would be made on a "meeting-by-meeting" basis, balancing labor market weakness with persistent inflation above target.

* Investors expect a 25-basis-point rate cut at the upcoming Fed meeting this month, with a similar reduction anticipated in December. USDIRPR/

* U.S. President Donald Trump said that Washington is considering cutting some trade ties with China, including in cooking oil, amid escalating trade tensions. Both countries began imposing tit-for-tat port fees on Tuesday.

* The International Monetary Fund raised its 2025 global growth forecast, citing better-than-expected tariff and financial conditions, while cautioning that a renewed U.S.-China trade conflict could significantly curb growth.

* Trump said his administration planned to produce a list on Friday of "Democrat programs" that will be closed as a result of the federal government shutdown.

* Spot silver XAG= was up 0.8% at $51.83 per ounce, after having hit a record high of $53.60 on Tuesday, tracking gold's rally and tightening in the spot market.

* Elsewhere, platinum XPT= edged 0.1% lower to $1,635.90 and palladium XPD= was steady at $1,526.45.

(Reporting by Anmol Choubey in Bengaluru; Editing by Sherry Jacob-Phillips)

((anmol.choubey@thomsonreuters.com;))

Reuters Terminal users can see related news and prices by clicking on the codes in brackets:
All precious metals headlines           GOL
Precious metals market reports          GOL/
European gold prices                    GOLD/EU1GOLD/EU20#PREC
London Bullion Market Association       LBMA01
New York Comex gold 0#GC: and silver  0#SI:
New York platinum 0#PL: and palladium 0#PA: