Gold prices continued to achieve new record gains, surpassing the $4,200 per ounce mark for the first time in history, amid growing optimism about an imminent interest rate cut by the US Federal Reserve and increasing global geopolitical tensions, which boosted demand for the precious metal as a safe haven for investors.
Spot gold rose 1.3% to $4,195 an ounce , after hitting an all-time high of $4,217.95 , while U.S. gold futures finished higher at $4,201 .
Analysts believe that gold's upward momentum remains strong, with continued purchases from central banks and growing inflows into index funds , alongside a weak US dollar and increasing market bets on two interest rate cuts before the end of the year .
The metal's gains were also boosted by comments from US President Donald Trump about the possibility of reducing trade relations with China , raising fears of a new escalation in the trade war.
Some analysts expect gold to continue its upward trend towards the $5,000 per ounce level in the coming period, despite the possibility of a temporary profit-taking correction .
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