Gold remains unbeaten; it surpasses $4,300 an ounce.

The price of gold reached $4,378.44 an ounce on the international market for the first time in its history this Thursday, although it closed the day at $4,326.12 amid high market volatility.
Since the end of December, gold has gained nearly 65 percent.
In fact, gold hit an all-time high for the fourth consecutive session on Thursday.
In a report, the Swiss investment bank UBS predicted that the price of the precious metal could reach $4,700 in the short term. Other banks even expect it to reach $5,000 a piece by early 2026.
The factors affecting the price of the metal are the same as at the beginning of the year; however, they have intensified. Political instability creates economic risk, the possibility of a drop in interest rates, and a weakening of the dollar on the international market.
"Renewed concerns about rising US government debt or geopolitical instability could push the gold price to $4,700 a barrel," UBS analysts noted in an analysis.
Antonio Montiel, Director of Analysis at the broker ATFX Education, highlighted that macroeconomic, technical, and psychological impulses in the financial markets have revived the appetite for the safe-haven asset.
"The collapse of the major stock indices accentuated the risk-aversion environment, driving investors to migrate to safe havens, including gold," he said.
On the New York Stock Exchange, the Dow Jones Industrial Average fell 0.65% on Thursday, the Nasdaq fell 0.47%, and the S&P 500 lost 0.63%.
Montiel emphasized that crossing the $4,300 mark could be a catalyst for additional speculative flows; however, the metal is approaching overbought areas, which increases the possibility of a downward adjustment in the price of the metal.
Gold hit a record high on Thursday for the fourth straight session as investors turned to the safe-haven asset amid trade tensions between Washington and Beijing and the U.S. government shutdown, while the prospect of interest rate cuts further boosted demand.
"Gold's trajectory will depend on the prospects for rate cuts heading into 2026, as well as the evolution of US-China relations," said Zain Vawda, analyst at MarketPulse by OANDA.
"If an agreement between the two countries isn't reached and the relationship continues to deteriorate, that could be the spark gold needs to break above the $5,000 barrier."
Trade conflict
This week, investors' attention has focused on the trade conflict between the world's major economies.
On Wednesday, U.S. officials criticized China's significant expansion of controls on rare earth exports, which they view as a threat to global supply chains.
Gold's rally has been driven primarily by factors such as expectations of rate cuts, political and economic uncertainty, robust central bank buying, inflows into exchange-traded funds, and a weak dollar.
Traders are pricing in a 25 basis point rate cut by the Federal Reserve in October and another in December, with probabilities of 98% and 95%, respectively.
For analysts, gold is an effective portfolio diversifier and a hedge against political and economic risks. Gold has repeatedly broken records, setting 13 new all-time highs through September 2025.
Analysts highlight uncertainty and the adoption of a safe haven asset like gold as the main reasons for the rise in gold, according to an analysis of investment flows by the World Gold Council (WGC).
“The search for security in the face of global and political instability is a primary driver of gold demand,” the WGC noted.
Political and geopolitical risks include the U.S. government shutdown, market uncertainty amid concerns about mounting U.S. debt, and a stock market correction that has reached new all-time highs.
Added to this are the unexpected 39% tariffs imposed on Switzerland by the United States, which are affecting the country's economic outlook.
This is also due to the high possibility that the Federal Reserve will lower interest rates in the United States and the resulting weakening of the dollar.
Eleconomista