Overview

• Spot gold rose about 1.4% to $4,267.26 per ounce on Thursday, marking a fifth consecutive all-time high.
• Traders cite expectations of U.S. interest-rate cuts, a partial U.S. government shutdown, and renewed U.S.–China trade tensions as key catalysts.
• Strong inflows into gold-backed ETFs and continued central-bank purchases are adding to demand and tightening available supply.
• The rally has accelerated since early September, with prices up roughly 24% over that period.
• JP Morgan CEO Jamie Dimon said it is at least “half-rational” to hold some gold and suggested prices could reach $5,000–$10,000, while the bank’s commodity strategists have not set such a target.