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55m ago

Gold Tops $4,000 for the First Time as Haven Demand Surges

Surging demand from central banks alongside ETF buying pushed prices to new highs.

FILE - A collection of gold coins is displayed at a shop in the St. Vincent Jewelry Center in the Jewelry District of Los Angeles, April 30, 2025. (AP Photo/Jae C. Hong, file)
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Gold prices have hit record highs, with futures climbing past $4,000 per ounce.
Twenty four karat gold bars are seen at West Point, New York June 5, 2013. REUTERS/Shannon Stapleton//File Photo

Overview

  • Spot and futures prices briefly breached $4,000 on Tuesday, capping a roughly 50% year-to-date rally that marks gold’s strongest calendar-year run since 1979.
  • A World Gold Council report showed the largest quarterly inflows on record for gold-backed ETFs in Q3, with about $26 billion added and North American funds leading.
  • Rate-cut bets strengthened the move as CME FedWatch shows quarter-point reductions priced for October and December, while a U.S. government shutdown has withheld key data and boosted safe-haven flows.
  • Official-sector buying remains robust, with China’s central bank reporting an eleventh straight monthly addition to gold reserves in September.
  • Major banks lifted targets—Goldman Sachs raised its December 2026 forecast to $4,900—though several strategists cautioned that the rally looks stretched and vulnerable to a pullback.