Gold has significantly extended its record-breaking rally, trading near $4,025 at 05:00 UTC after a 1% rise on Wednesday, marking its first breach of the $4,000 threshold. This remarkable ascent sees the precious metal up 3.5% this week and an impressive over 53% year-to-date, largely driven by investors shifting towards safe haven assets amidst broader dollar weakness. Demand for gold-backed exchange-traded funds has been particularly fueled by a recent September US Federal Reserve rate cut and the ongoing US government shutdown, further propelling its upward trajectory, with Goldman Sachs now anticipating gold will reach $4,900 by December 2026, citing robust central bank and private sector buying.
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