Another Milestone: Gold Prices Reach New Record Highs
Driven by rising safe-haven demand, spot gold surged past $4,000 per ounce while gram gold exceeded 5,400 TRY, marking new record highs.
On the third trading day of the week, spot gold rose 1.26% to reach $4,035, while gram gold — calculated from spot prices and the USD/TRY rate — increased 1.19% to 5,405 TRY.
Throughout the year, gold has gained more than 50% amid global trade uncertainties, concerns over the Fed’s independence, and worries about U.S. fiscal stability.
“Expectations for Further Gains Strengthen”
Independent metals analyst Tai Wong emphasized that the gold rally is not over yet, citing medium-term drivers such as high debt levels, reserve diversification, and a weaker dollar.
“With such strong conviction in the market, the next major target will be $5,000,” Wong said. “Ongoing Fed rate cuts are also reinforcing this outlook.”
“Short-Term Profit Taking Possible”
KCM Trade chief analyst Tim Waterer noted that rising uncertainty continues to support gold prices but warned that breaking the $4,000 threshold may trigger profit-taking in the short term.
Bank of America, one of Wall Street’s leading gold bulls, adopted a more cautious stance after gold neared $4,000 per ounce, warning of a potential price correction in the final quarter of the year.
Focus Turns to Fed Meeting Minutes
Global markets remain relatively calm this week in terms of volatility, while attention now turns to the release of the Federal Reserve meeting minutes today and remarks by Fed Chair Jerome Powell tomorrow.
Investors are looking for new insights into the Fed’s upcoming monetary policy direction from the minutes and Powell’s speech.
