Gold prices surged to historic highs this week, breaking previous records as investors flocked to safe-haven assets amid geopolitical and economic uncertainty.
On Monday, spot gold prices hit $3,977.19 per ounce, briefly touching $3,958.57 before stabilizing. Meanwhile, U.S. gold futures for December delivery opened at a record $3,983 per ounce, briefly surpassing $4,000 for the first time.
In India, gold also reached new highs, trading at ₹1.19 lakh per 10 grams, marking a ₹3,000 jump in a single day.
Analysts point to a combination of factors driving the surge: escalating conflicts in the Middle East and Ukraine, political instability in the U.S., expectations of further Federal Reserve interest rate cuts, and continuous central bank purchases—particularly by China, which has been buying gold for the 11th consecutive month.
“With global uncertainty at record levels, gold remains the ultimate safe haven,” said a market analyst. “Prices could continue to climb, potentially reaching $4,300 per ounce in the coming months.”
The record-breaking spike underscores the growing investor demand for gold as a hedge against political and economic volatility.
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