Gold Price Hits Record $4,600 as Geopolitical Tensions Fuel Safe-Haven Demand
Gold surged to an unprecedented $4,600 per ounce as investors flock to the metal amid escalating global instability. The breakout marks a 2.2% gain from the previous $4,500 record, with technical analysts identifying a decisive ascending wedge pattern rupture.
Middle Eastern tensions and Federal Reserve policy uncertainty are accelerating capital rotation into hard assets. Market strategist Rashad Hajiyev projects a near-term trajectory toward $5,500-$6,000, with a longer-term $7,000 target should current macroeconomic pressures persist.
The commodity's outperformance highlights a broader flight to preservation assets, though cryptocurrency markets remain muted during this risk-off cycle. Trading volumes for gold futures hit 30-day highs across CME and LME platforms.
