Gold prices climbed to new multi-year highs on Wednesday, propelled by robust safe-haven demand. Heightened global economic uncertainty and persistent geopolitical tensions are fueling investor interest in gold as a secure store of value.

Analysts note that the weaker dollar also contributed to the price increase, making gold more attractive to investors holding other currencies. Furthermore, expectations of continued low interest rates are reducing the opportunity cost of holding non-yielding assets like gold.

The current market sentiment suggests a continued upward trajectory for gold prices, with analysts predicting further gains in the near term as investors continue to seek protection against market volatility.