Overview

• December futures climbed to about $4,302 per ounce and spot prices rose near $4,275 on Thursday, extending this week's surge to new highs.
• The advance marked a fifth straight session of gains and roughly a 61% year-to-date increase, according to market reports.
• Renewed trade tensions, including expanded Chinese export controls on strategic materials, heightened geopolitical risk and boosted gold buying.
• Expectations for easier Federal Reserve policy, a softer dollar, and sustained purchases by central banks and gold-linked ETFs supported inflows.
• Analysts cautioned that the rapid ascent leaves the market vulnerable to a short-term technical pullback despite strong underlying demand.