Overview
- Spot and futures broke new records this week, with prices topping $4,000 and touching above $4,050 on Wednesday, taking year‑to‑date gains to roughly 50–53%.
- World Gold Council data show about $13.6 billion flowed into gold ETFs over the past four weeks and roughly $60 billion year to date, lifting holdings to near 3,800 tonnes.
- The U.S. government shutdown has curtailed key economic data releases, while expectations of further Federal Reserve rate cuts and a softer dollar have boosted the metal’s appeal.
- Major banks raised outlooks, with Goldman Sachs guiding to $4,900 by late 2026 and UBS flagging $4,200 by year‑end, even as some analysts warn a potential $300–$500 pullback on hawkish Fed signals or a shutdown resolution.
- Cryptocurrencies are rallying alongside, with Bitcoin setting fresh highs near $124,955 as investors seek alternative refuges.