The price of gold surged past $4,000 per ounce Wednesday, reaching a record high as investors sought safety amid growing economic and geopolitical uncertainty.
The rally was fueled in part by expectations of further interest rate cuts from the U.S. Federal Reserve. Gold is traditionally viewed as a safe-haven asset during periods of market volatility and inflation concerns.
Spot gold has climbed 52% so far this year, following a 27% increase in 2024.