Gold prices continued their upward trajectory, reaching a fresh record high of $3,455.23 per ounce, gaining $28.86 or 0.84% in early trade. The precious metal is trading at the upper end of its intraday range of $3,412.77 – $3,455.06, while also marking a new 52-week high, surpassing the previous high of $3,385.27.
The sustained rally in gold is driven by a combination of macroeconomic and geopolitical factors, including:
- Heightened demand for safe-haven assets amid persistent global uncertainty,
- Expectations of U.S. Federal Reserve rate cuts later this year,
- A weaker U.S. dollar and concerns around long-term inflation risks, and
- Aggressive central bank buying, especially from emerging markets.
- Analysts believe the recent gains reflect market participants’ growing preference for gold as a hedge against volatility in equities and bonds. With today’s move, gold has now gained over 50% since October 2023, underlining investor confidence in the metal’s resilience.
Further momentum may depend on key macroeconomic data and central bank commentary in the days ahead.
Disclaimer: This article is for informational purposes only. Precious metals are subject to market risks. Investors are advised to consult certified financial advisors before making investment decisions.
