US EditionUS Stocks Snap a 7-Day Winning Streak as Gold’s Price Tops $4,000 per Ounce
Gold prices have surged over 50% this year, reaching above $4,000 per ounce as investors seek safety amid political instability and expectations of lower Federal Reserve rates.
- On Tuesday, U.S. stocks drifted around record highs in New York after gold topped $4,000 per ounce for the first time.
- Political instability worldwide and expectations for lower Federal Reserve rates boosted safe-haven demand, while mega AI transactions and delays to the September jobs report amid the U.S. government shutdown increased market uncertainty.
- Advanced Micro Devices rallied 4.5% after an OpenAI chip deal, IBM rose 3% with Anthropic's Claude integration, while Tesla fell 1.2% after reversing Monday gains.
- After the rally, markets paused as traders weighed resilience and Fed moves, while investors have been hedging by buying both tech stocks and gold, market strategists say.
- Gold has climbed more than 50% this year, and Intercontinental Exchange agreed to invest up to $2 billion in Polymarket, a prediction-market platform.
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85 Articles
Now it costs more than 4,000 dollars per ounce, almost three times more than 2020 and 53 percent more than at the beginning of the year: it's the big chaos of the economy
Gold breaks $4,000 milestone for first time in record run
Gold extended its historic rally to break above $4,000 an ounce for the first time today, as investors piled into the safe haven to seek cover from mounting geopolitical uncertainty while betting on more U.S. interest rate cuts.
The price of gold for immediate delivery on Wednesday night for the first time exceeded the $4,000 mark, equivalent to about 83,500 crowns per troy ounce, the traditional unit of weight for precious metals equal to 31.1 grams. Later, gold traded just below this mark. This comes after the price of a gold futures contract for delivery in December exceeded the $4,000 mark on Tuesday afternoon.
Gold exceeded the symbolic bar of 4,000 dollars per ounce on Wednesday, unlikely threshold another year ago
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