Gold surged toward an unprecedented $5,000 an ounce on Friday, fueled by a weaker U.S. dollar and ongoing geopolitical tensions. Prices hit a record $4,967, marking a weekly gain of nearly 8%.
Silver also soared, reaching just under $100 an ounce, while platinum touched a new peak.
Analysts cite fading confidence in traditional financial systems as a key driver. “Investors increasingly view gold as reliable protection against these hard-to-quantify regime-shift risks,” said Yuxuan Tang of J.P. Morgan Private Bank.
The rally has been accelerated by 15% gains this year alone, supported by central bank purchases and political uncertainty. Goldman Sachs raised its year-end gold forecast to $5,400 from $4,900.
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Poland’s central bank plans to buy another 150 tons of gold, reflecting a broader shift among nations. India, for example, has reduced its U.S. Treasury holdings to a five-year low.
Markets are also watching for the Federal Reserve’s next chair, as a more dovish leader could further support non-yielding gold.
Prices at 4:07 p.m. Singapore:
- Gold: $4,946.34/oz (+0.2%)
- Silver: $98.62/oz (+2.5%)
- Platinum: Edged lower after hitting a record above $2,690
- Bloomberg Dollar Index: Headed for a 0.8% weekly decline
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