Gold surges past $4,000 amid high demand

Silver also jumped to a record high on Wednesday, latching on to gold’s record streak as investors flocked to the metal

Gold surged past the $4,000 an ounce level for the first time on Wednesday, building on a record-breaking rally as broader geopolitical and economic uncertainty sent investors flocking to the safe-haven asset.

Silver also jumped to a record high on Wednesday, latching on to gold’s record streak as investors flocked to the metal.

Spot gold was up 1.7% at $4,050.24 per ounce by 1745 GMT.

Silver added 3.2% to $49.39 per ounce, after hitting its all-time high of $49.57.

Gold’s strength reflects an extremely positive macroeconomic and geopolitical background for safe-haven assets, plus concerns over other traditional safe havens, said Matthew Piggott, director of gold and silver at Metals Focus.

Gold, traditionally seen as a store of value during times of instability, is up 54% year-to-date, after adding 27% in 2024. It is one of the best-performing assets of 2025, outpacing advances in global equity markets and bitcoin and losses for the U.S. dollar and crude oil.

Silver was up 71% so far this year, benefiting from the same factors driving gold’s rally as well as tightness in the spot market.

The silver market continues to tighten, with rising lease rates, as Comex stocks scale record highs and amid India’s seasonal demand strength. The recent rally has been supported by hefty ETP inflows, said Suki Cooper, Global Head, Commodities Research at Standard Chartered Bank.

The metals’ rally has been propelled by a combination of factors, including mounting political and economic uncertainty, strong central bank buying, hefty inflows into ETFs and a weakening dollar.

With these factors persisting into 2026, we fail to see any catalyst for gold to meaningfully retrace at present. Therefore, we expect gold to continue to push up throughout the year to attempt a challenge of $5,000/oz, Piggott added.