Gold surged to a new high above US$4,600 an ounce as investors increased their demand for safe haven assets amid geopolitical and monetary policy uncertainties.
The investigation into Fed Chairman Jerome Powell and speculation of a leadership change at the central bank added to policy risks, raising expectations of faster interest rate cuts.
US economic data showing a cooling labor market also supported gold’s move, which typically benefits from a low-interest rate environment.
Geopolitical tensions involving Iran and Venezuela further reinforced gold’s role as a safe haven during periods of global uncertainty.
Major banks expect the momentum to continue through 2026, with prices potentially reaching US$5,000 an ounce despite remaining high volatility.
