Gold surge continues as safe-haven flows push prices to new records

Gold extended a blistering rally, jumping more than 2% and touching a record high of $5,311.31 an ounce before trading around $5,273.47, as investors piled into the safe-haven metal amid volatile currency and equity moves and mounting doubts about U.S. policy. Bloomberg noted the move followed the largest one-day gain since 2008 in the prior session, while Seeking Alpha reported that spot gold had climbed past $5,300 for the first time.

The advance has been persistent. FXStreet summed up the momentum this way: "Gold is prolonging its record-setting rally for the eighth consecutive day on Wednesday." Market participants cited a cocktail of drivers that has flipped investor positioning toward non-yielding metals: waning confidence in the U.S. dollar, growing concerns over the Federal Reserve's independence, renewed bets on eventual rate cuts and renewed geopolitical tensions.

"Gold (XAUUSD:CUR) climbed past $5,300 per ounce for the first time on Wednesday, driven by waning confidence in the U.S. dollar and growing concerns over the Federal Reserve’s independence," Seeking Alpha reported. That narrative has been reinforced by a series of geopolitical flashpoints flagged by outlets including FXStreet and the BBC, from tensions involving the United States and NATO to trade threats that have stoked safe-haven demand.

Liquidity and market structure amplified the move. "Ahead of FOMC events, moves can be exaggerated by lower volumes and orders, which can push supply and demand to have a more significant impact on prices – a result of the past two days of action in commodities and the US dollar," OANDA Group said in a note quoted by Seeking Alpha. Traders said the thin order flow around Fed meetings can turn modest flows into outsized price swings.

The rally is not only a short-term technical phenomenon. Last year set the backdrop: the BBC reported gold jumped by more than 60% in 2025, its biggest annual gain since 1979, and silver topped $100 an ounce after an almost 150% rise. Central-bank buying, persistent inflation pressures and a weaker dollar have been cited as structural supports. "One of the biggest appeals of gold is its relative scarcity. Only around 216,265 tonnes of the metal have ever been mined, according to the World Gold Council trade association," the BBC noted.

Investor commentary captured the mood. Susannah Streeter of Wealth Club said, "Gold 'seems to know no bounds' amid ongoing political uncertainty" and added, "'The pile on into the gilded safe haven is continuing with the precious metal racing up higher'." That rush into bullion has consequences for portfolios and markets: higher gold can lift ETFs and mining stocks, complicate currency moves and amplify the market impact of geopolitical news.

Some market-data snapshots have painted a muddled picture of profit and flow. Seeking Alpha's related-ticker table in the excerpt listed a range of odd readings, including XAUUSD:CUR at 4,887.07 / -9.11% and GLD at 444.95 / -10.27%, alongside post-session ticks for GLD and miners. Those figures contrasted with the spot-level surge and suggest that different snapshots and post-session quotes are producing divergent intraday readings.

For policy makers the rally is a barometer of investor anxiety. If gold remains bid as expectations for Fed easing firm and global tensions persist, the metal could cement higher price levels. If liquidity returns and rate expectations normalize after FOMC decisions, the same structural drivers that supported last year's gains will be tested as markets reassess both the pace of rate cuts and the durability of safe-haven flows.