"This Is the Safest Haven"... Gold Price Surpasses $4,000 for the First Time Ever
Surge in Demand for Safe-Haven Assets Amid Global Uncertainty
The price of gold has surpassed $4,000 for the first time ever, driven by investors' preference for safe-haven assets amid the U.S. federal government shutdown, the political crisis in France, and expectations of a U.S. interest rate cut.
According to AFP and Reuters on October 8 (local time), the spot price of gold hit an all-time high during intraday trading, reaching $4,000.96 per troy ounce (31.1034768g).
The December delivery U.S. gold futures price also rose 0.4% to $4,020 per troy ounce, surpassing the $4,000 mark for the first time in history.
The price of gold has repeatedly set new record highs this year, rising by 52%.
The surge in gold prices is mainly attributed to a sharp increase in demand for safe-haven assets due to heightened global uncertainty, including the tariff policies of the Donald Trump administration.
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In addition, foreign media reported that the possibility of further interest rate cuts by the U.S. Federal Reserve, the U.S. federal government shutdown entering its second week, and intensifying political instability in France-which is experiencing the most severe fiscal deficit in the eurozone-have all driven investors seeking a "stable refuge" toward gold trading.
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