Gold Surpasses $4,000: A Safe-Haven Surge Amid Global Uncertainty

Gold prices soared beyond $4,000 an ounce, driven by economic and geopolitical uncertainties. With the prospect of U.S. interest rate cuts and strong central bank purchases, gold's rally outpaced global equities and the dollar. Investors continue flocking to gold amidst global crises and economic instability.

In an unprecedented move, gold prices surpassed the $4,000 per ounce mark, hitting $4,041.71 in mid-morning trading. This surge is part of a broader bullish rally fueled by heightened geopolitical tensions and economic uncertainty, along with anticipated cuts in U.S. interest rates.

Silver, riding on gold's coattails, reached $48.92 per ounce, close to its historical high. The precious metal has gained 54% this year, outshining global equity markets and other financial assets. Analysts suggest this rally is driven by strong central bank buying, increased gold ETF inflows, and a weakening dollar.

Experts predict the continuation of this upward trend as global conflicts and political unrest worldwide drive demand for safe-haven assets like gold and silver. With the market expecting further U.S. interest rate cuts and a persistent fear of missing out among investors, gold's prospects for hitting $5,000/oz seem plausible.

(With inputs from agencies.)