Overview

• December Comex futures settled at $4,004.4 per ounce, the first close above the $4,000 threshold after roughly a 15% climb since late August.
• Safe‑haven flows intensified by the U.S. government shutdown and political turbulence in France and Japan pushed prices higher.
• Analysts highlight strong ETF inflows alongside persistent central‑bank purchases as the rally’s primary structural drivers.
• Goldman Sachs lifted its end‑2026 price target to $4,900, citing continued official‑sector buying and anticipated Federal Reserve easing.
• Gold is up more than 50% in 2025, putting it on pace for its best year since 1979, with bitcoin also notching records near $125,000 as investors seek dollar alternatives.