Gold Price Surges to Record Highs, Set for $4,500 by 2030
Gold prices have surged this year, reaching record highs and showing no signs of slowing down. The precious metal is currently trading at around 3,853 USD per ounce, having risen by more than 45% in 2020 alone. This week marks its seventh consecutive weekly gain, with silver also falling by 0.2 percent to 46,907 USD per ounce.
The gold price rally has been driven by increased purchases from central banks and growing holdings in gold-backed, exchange-traded funds. The US government shutdown and the prospect of lower interest rates from the Federal Reserve have further boosted gold's appeal as a safe haven. Analysts predict that if the US central bank continues to cut interest rates and purchases of gold-backed ETFs increase, the gold price could reach around $3,700 to $4,000 by mid-2026 and even higher toward $4,500 or more by 2030, supported by strong investment demand and favorable macroeconomic conditions.
Gold is now in overbought territory from the daily to the monthly chart, indicating that a pullback could be due. However, analysts remain bullish on the precious metal, with some predicting that the largest annual gain for gold since 1979 is now in sight.
As of 8:01 AM in Frankfurt, the spot price for gold is trading slightly higher at 3,853.19 USD per ounce. Despite being in overbought territory, gold's fundamentals remain strong, supported by central bank purchases and safe haven demand. Investors will be watching closely to see if the precious metal can continue its record-breaking streak.
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