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Gold surged past the $4,000 mark per ounce for the first time in history on Wednesday, as investors sought safe-haven assets amid intensifying economic and geopolitical uncertainties and growing expectations of further interest rate cuts by the US Federal Reserve. Spot gold rose 0.1% to $4,021.22 per ounce, while US gold futures for December delivery advanced 0.5% to $4,025 per ounce. Traditionally viewed as a store of value in times of instability, gold has been one of the strongest-performing assets in 2025, soaring 53% year-to-date after posting a 27% gain in 2024. In other precious metals markets, spot silver increased 0.5% to $48.03 per ounce, platinum rose 2.2% to $1,653.21, and palladium climbed 1.3% to $1,355.32.

Gold surged to a fresh record high on Tuesday as investors sought safe-haven assets amid a prolonged US government shutdown and growing expectations of a Federal Reserve rate cut later this month. Spot gold rose 0.4% to $3,974.09 per ounce, trading near its all-time high of $3,977.19 earlier in the session. US gold futures for December delivery gained 0.5% to $3,996.40. The precious metal has climbed 51% so far this year, supported by strong central bank purchases, robust inflows into gold-backed exchange-traded funds, a weaker dollar, and increased demand from retail investors seeking protection amid heightened geopolitical and trade tensions. In other precious metals, spot silver was little changed at $48.52 per ounce, platinum rose 0.1% to $1,626.55, and palladium advanced 0.9% to $1,330.91.