Gold hits record high amid geopolitical tensions, rate-cut bets
Silver also climbed, gaining over 1% to $72.70 per ounce—a historic high—marking a 144% annual increase.
The rally reflects growing concerns about slowing global economic growth and expectations that the Federal Reserve may cut interest rates in 2026, particularly after the US reported stronger-than-expected GDP growth of 4.3% in the third quarter, its fastest pace in two years.
Geopolitical uncertainty also contributed to the surge. Tensions between Washington and Caracas have intensified as the US increased monitoring and enforcement of Venezuelan oil shipments, sparking fears of potential disruptions to global crude flows. US President Donald Trump has accused Venezuela of using oil revenues to fund illegal immigration and drug trafficking to the United States.
Central bank purchases of gold to strengthen reserves have further supported the precious metal’s historic gains, reinforcing its role as a preferred hedge against economic and geopolitical risks.
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