Gold prices surged once more on Wednesday, reaching near $5,100 as safe-haven demand soared amid heightened U.S.-Iran tensions. Following a 6% rise on Tuesday, the metal saw its greatest daily increase since 2008. These developments came after a record high last Thursday.
The stakes are poised to rise, with analysts pointing to fundamental stability in gold’s appeal despite recent fluctuations. As geopolitical tensions remain, market watchdogs, including ANZ’s Soni Kumari, expect corrections to level out with continued support for gold.
Projections indicate a possible climb to $6,000/oz by year’s end, fueled by central banks and private investors amplifying gold holdings amid global uncertainties. The Federal Reserve’s policy paths, along with broader economic indicators, continue to evolve under these market conditions.
(With inputs from agencies.)