Overview

• Spot prices traded above $4,000 for the first time on Wednesday, with futures near $4,060, capping a roughly 54% year‑to‑date surge that marks gold’s strongest year since the late 1970s.
• Rate‑cut expectations, heavy official‑sector accumulation and a resurgence of ETF buying powered the move, with the World Gold Council reporting record September inflows and global gold ETF assets at a record $472 billion.
• U.S. futures breached $4,000 before spot followed, as the shutdown delayed key data releases and markets priced a 25‑basis‑point cut at the next Fed meeting plus another in December.
• Analysts flagged stretched momentum—RSI readings near 88 and signs of FOMO—while noting long‑term optimism, including Goldman Sachs lifting its December 2026 target to $4,900.
• Silver rallied toward its 2011 peak near $49, other precious metals advanced, and investors sought hedges against equity exuberance, with bitcoin also notching records earlier this week.