Overview

• Spot prices reached $4,001.11 per ounce around 2:00 GMT on Oct. 8 during Asian trading, setting a new all-time high.
• The metal is up roughly 40–50% in 2025 and about 135% over three years, marking a rapid multi-year climb.
• Safe-haven buying has been fueled by the wars in Ukraine and the Middle East, the U.S. shutdown, political turmoil in France, a weaker dollar, and President Trump’s pressure on the Fed to cut rates.
• Emerging‑market central banks such as China, India, Turkey, and Russia have been major buyers, adding more than 1,000 tonnes in 2024 to diversify reserves and guard against sanctions risk.
• Analysts note investors are rotating out of some Treasuries toward gold as abundant liquidity, record equities and crypto, and fear of missing out reinforce demand; banks like Goldman Sachs and J.P. Morgan had expected $4,000 by mid‑2026.