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Gold Surges Past $4,500 an Ounce to Set New Record

Expectations for further Federal Reserve easing are drawing investors into bullion by lowering the opportunity cost of holding a non‑yielding asset.

Overview

  • Spot prices climbed as high as $4,519.78 per ounce on Dec. 24, extending a late‑December breakout to fresh all‑time highs.
  • Safe‑haven demand intensified following U.S.–Venezuela frictions, from Coast Guard seizures of Venezuelan tankers to President Donald Trump telling Nicolás Maduro it would be “wise” to leave power.
  • Markets are betting on additional Fed rate cuts in 2026 after soft U.S. labor and inflation readings, building on the central bank’s quarter‑point reduction on Dec. 10.
  • Gold’s 2025 gain now exceeds 70% as emerging‑market central banks keep adding to reserves to diversify away from the dollar.
  • The surge is part of a broader metals rally with silver and copper setting records, while trading remains volatile and retail activity ranges from jewelry sell‑offs to coin purchases for gifts.