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Oct. 9 (Reuters) — Gold surged past the $4,000 per ounce mark for the first time on Wednesday, extending its record-breaking rally as investors sought refuge from geopolitical and economic uncertainty.
Spot gold rose 1.7% to $4,050.24 per ounce by 1:45 p.m. ET, while U.S. gold futures for December settled at $4,070.50. The metal has soared 54% so far this year, following a 27% gain in 2024, making it one of 2025’s best-performing assets.
“Gold’s strength reflects an extremely positive macroeconomic and geopolitical background for safe-haven assets,” said analysts.
Analysts said expectations of U.S. interest rate cuts and weakening traditional safe havens continue to fuel demand. Silver was up 71% so far this year, benefiting from the same factors driving gold’s rally as well as tightness in the spot market.
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