Gold prices have soared to record highs, with the precious metal heading for its biggest weekly surge since 2008. The rise has been driven by growing global uncertainty, investor caution, and strong demand for safe-haven assets.
The price of gold crossed $4,300 per ounce this week, touching a new all-time high before settling slightly lower. Experts say the rally was boosted by expectations that the US Federal Reserve could soon cut interest rates. Lower interest rates typically make gold more attractive since it does not offer yields like other investments.
Another factor behind the surge is the ongoing pressure on the banking sector. Reports of financial instability in some US regional banks have made investors move their funds toward gold. In addition, central banks around the world have continued increasing their gold reserves, further pushing prices upward.
Market analysts also note that rising geopolitical tensions have strengthened gold’s position as a safe-haven asset. With global markets facing multiple risks, investors are viewing gold as a more stable choice.
However, experts warn that the market might see short-term corrections since gold has entered overbought levels. Despite this, long-term forecasts remain positive, with some analysts predicting gold could reach $5,000 per ounce by 2026 if current trends continue.
This week’s rise has put gold on track for its best weekly performance in nearly 17 years, showing strong investor confidence in the metal during uncertain times.
Also read: Government Acknowledges Ongoing Cellular Service Issues In Multiple Areas
