Gold price breaks $4,500 an ounce for first time
Gold prices hit a new record on Tuesday, surpassing the $4,500-per-ounce mark for the first time, driven by rising geopolitical tensions and expectations of future U.S. interest rate cuts.
The precious metal climbed to as high as $4,519 per ounce, extending a sharp rally that has seen prices surge about 70% since the start of the year. Gold is traditionally seen as a safe-haven asset during periods of uncertainty.
The rally comes amid broader gains in metals markets, with silver and copper reaching new highs and platinum trading at its highest level since May 2008.
Analysts cited heightened geopolitical risks, particularly tensions between the United States and Venezuela, as a key factor supporting demand. U.S. President Donald Trump recently said it would be “smart” for Venezuelan President Nicolas Maduro to step aside.
At the same time, investors are increasingly pricing in interest rate cuts by the U.S. Federal Reserve in 2026, following recent data pointing to a cooling labour market and easing inflation in the United States.
