Overview
- Spot prices rose as high as about $4,036 on October 8 after first crossing $4,000 in Asian trading, eclipsing the prior all‑time high.
- The metal is up roughly 40% to 50% in 2025 and is on track for a third straight year of double‑digit gains, according to market strategists.
- Analysts cite safe‑haven buying linked to the wars in Ukraine and the Middle East, a softer dollar, and pressure from President Donald Trump on the Federal Reserve to cut rates.
- Short‑term jolts such as the U.S. government shutdown and political turmoil in France further boosted demand for bullion.
- Structural buying by central banks in China, India, Turkey and Russia has reinforced the rally, with more than 1,000 tonnes added to reserves in 2024.