Gold Surges Past $4,000 Mark Amid Global Uncertainty

Gold prices have soared past the unprecedented $4,000-per-ounce mark for the first time, capitalising on its status as a safe-haven asset amidst a backdrop of profound global uncertainty.

The precious metal broke the psychological barrier, propelled by ongoing market fears, particularly the United States budget paralysis and a deepening political crisis in France.

Market Details

On Wednesday, the yellow metal hit a record high of $4,001.11 per ounce on the spot market. This milestone was reached at 02:00 GMT during early Asian trading.

This surge follows a similar breakthrough on the futures market: the December delivery contract for gold on the Comex (New York Commodity Exchange) had already exceeded $4,000 during trading on Tuesday, 7 October.

Driving Factors

The metal’s rise is directly attributed to investors flocking to its safe-haven status as a buffer against widespread market uncertainties. Current pressures include the fiscal deadlock in the US and the escalating political turmoil in France, both contributing to the nervous sentiment driving this historic price movement.

Source: Defi Media