Gold hits $4,000 an ounce for the first time
6 hours ago
- #gold prices
- #economic uncertainty
- #Federal Reserve
- Gold prices reached a record high of $4,000 per ounce due to strong investment demand and economic uncertainty.
- Gold has surged 51% this year, driven by central bank buying, ETF demand, a weaker dollar, and retail investor interest.
- Gold performs well in low interest rate environments and is seen as a hedge against inflation.
- The government shutdown has left investors relying on secondary data due to missing federal reports like the jobs report.
- Markets expect quarter-point Fed rate cuts in October and December.
- Analysts predict gold could rise to $4,300 per ounce in six months due to dollar depreciation.
- Billionaire Ken Griffin expressed concern over gold becoming a safer asset than the dollar.
- Goldman Sachs raised its 2026 gold price forecast to $4,900 per ounce.
- China's central bank continued adding gold to reserves for the 11th consecutive month.