by Sybilla Gross
Gold climbed to a new record as geopolitical tensions underpinned demand for haven assets, with traders looking past signals the Federal Reserve is in no rush to cut interest rates.
Bullion hit an all-time high of $2,954.83 an ounce, surpassing the previous peak reached Wednesday. There’s been growing fears that President Donald Trump could abandon American support for Ukraine after Russia invaded its neighbor in 2022. The US leader on Wednesday said on social media that Volodymyr Zelenskiy had “better move fast” to reach a peace deal “or he is not going to have a country left.”
The precious metal has hit successive records this year, after climbing 27% in 2024, amid mounting concerns over Trump’s consistently disruptive trade and geopolitical agendas. Goldman Sachs Group Inc. this week raised its year-end target to $3,100 an ounce, saying that stronger-than-expected central-bank buying would be a key driver for prices.
Elsewhere, investors were parsing the latest Fed minutes, which reiterated US policymakers’ cautious stance on interest rates amid stubborn inflation and economic uncertainties. Lower borrowing costs tend to benefit bullion, as it doesn’t pay interest.
Spot gold was up 0.7% to $2,953.18 an ounce as of 10:19 p.m. in London. The Bloomberg Dollar Spot Index was down 0.7%. Silver, palladium and platinum also climbed.
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