Gold Breaks $4,000 Barrier Amid Economic Turmoil

Gold surged past the $4,000 per ounce mark on Wednesday, marking a new high amid increasing geopolitical and economic uncertainties. Investors, driven by fears of potential U.S. interest rate cuts, are retreating to the safe-haven metal. Silver also climbed in value, reaching an all-time high.

Spot gold rose 1.7%, settling at $4,050.24, while U.S. gold futures increased similarly to $4,070.5 per ounce. Silver saw a 3.2% jump, closing at $49.39 per ounce. Both metals continue their upward momentum as investors seek refuge amidst market volatility.

Experts attribute gold's rise to a confluence of market dynamics, including projections of U.S. rate cuts, persistent political and economic challenges, and strong central bank buying. Gold is up 54% year-to-date, outperforming other asset classes like global equities and bitcoin.

(With inputs from agencies.)