Gold prices soared to an all-time high on Friday, propelled by robust safe-haven demand as investors sought shelter from economic headwinds. The precious metal’s ascent reflects growing anxieties surrounding inflation and the stability of the global economy.

Market Drivers

Several factors contributed to gold’s upward trajectory:

• Inflation Concerns: Rising inflation rates across major economies have eroded the appeal of traditional fixed-income assets, prompting investors to seek inflation hedges like gold.
• Economic Uncertainty: Concerns about the pace of global economic recovery, coupled with geopolitical risks, have further fueled demand for safe-haven assets.
• Dollar Weakness: A weaker US dollar makes gold more attractive to investors holding other currencies.

Analyst Commentary

Analysts predict that gold prices may continue to rise in the near term, supported by ongoing economic uncertainties and inflationary pressures. However, some caution that a potential tightening of monetary policy by central banks could dampen gold’s appeal.

Price Levels

Spot gold reached a peak of $1,840 per ounce during Friday’s trading session. Market participants are closely monitoring key resistance levels for further price movements.