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Gold shatters records
– price soars past US$4000 for the first time in history
CNBC – Gold prices hit US$4,000 for the first time Tuesday as investors seek a safe haven from a weaker dollar, geopolitical volatility, economic uncertainty and stubborn inflation.
Fake gold bars piled up in Clermont-Ferrand France on March 25 2025. Romain Costaseca | Afp | Getty Images
Gold futures hit a record intraday high of US$4,014.60 per ounce. Prices have gained more than 50% this year as the U.S. dollar index has dropped 10% and President Donald Trump upends the global trade system and threatens the independence of the Federal Reserve.
Central banks and retail investors are buying gold at a rapid pace. China and other countries are diversifying away from U.S. Treasury’s and into gold after Washington imposed stiff sanctions on Russia over its invasion of Ukraine in 2022, and retail investors are looking for protection against inflation.
The latest leg higher in the precious metal came after the Fed cut interest rates in September for the first time this year, making short-term debt instruments like Treasury bills less attractive to investors. The market is expecting two more reductions in the fed funds rate, now 4.00% to 4.25%, before year-end. The Fed next meets in three weeks, on Oct. 29.
Ray Dalio, founder of Bridgewater Associates, recommended Tuesday that investors put “something like 15% of your portfolio in gold.” Debt instruments are “not an effective store of wealth,” Dalio said at the Greenwich Economic Forum in Connecticut.
Gold is “the one asset that does very well when the typical parts of your portfolio go down,” he said.
Bank of America urged investors on Monday to approach gold cautiously as prices headed toward US$4,000. BofA warned clients that gold faces “uptrend exhaustion,” which could lead to “a consolidation or correction” in the fourth quarter.
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