Overview

• Spot prices pushed through the threshold for the first time, closing near $4,016 on Tuesday and trading above $4,050 early Wednesday, with December Comex futures also setting records.
• The metal is up roughly 50–53% year to date, marking its strongest run since the 1970s.
• World Gold Council data show more than $60 billion in net inflows to gold‑backed ETFs this year and holdings near 3,800 tonnes, alongside continued reserve accumulation by central banks.
• Drivers include the U.S. government shutdown that has stalled key economic data releases, a softer dollar, and firmer expectations for additional Federal Reserve rate cuts.
• Banks are lifting targets—Goldman Sachs now sees $4,900—while some analysts caution that a shutdown resolution or hawkish Fed guidance could trigger a pullback, with Bitcoin also hitting records as an alternative haven.