Gold prices surged to a fresh all-time high on Monday, crossing the $4,600 per ounce mark for the first time ever, as strong safe-haven demand dominated global markets. The rally began earlier in the morning during Asian trading hours and gathered pace through the day, with prices rising over 2% in the latest session.
Spot gold and gold-linked contracts climbed sharply amid a combination of escalating geopolitical tensions, softer US economic data and growing expectations of interest rate cuts by the US Federal Reserve. By the evening session, gold was trading around $4,608 per ounce, reflecting sustained buying interest across global markets.
The precious metal’s rally has been largely driven by heightened global uncertainty. Rising geopolitical risks, particularly in the Middle East, have pushed investors toward traditional safe-haven assets such as gold. At the same time, renewed concerns over political instability and global policy direction have added to risk aversion, supporting higher gold prices.
Weaker-than-expected US economic data has further fuelled the move. Recent employment figures indicated slowing job growth, reinforcing expectations that the Federal Reserve could begin cutting interest rates later this year. Lower interest rates typically benefit non-yielding assets like gold, making them more attractive relative to bonds and other yield-generating instruments.
The latest breakout above $4,600 marks a significant psychological and technical milestone for gold, extending a rally that has been building steadily over recent weeks. Market participants continue to closely monitor geopolitical developments and upcoming US macroeconomic data for further cues on the metal’s near-term direction.
