Gold prices surged to a record high, exceeding $3,500 per ounce, driven by investors seeking safety from inflation and geopolitical instability. This rally follows a weakening US dollar and central banks shifting from US treasuries to gold reserves. Rising long-term borrowing costs in Europe further fueled the gold rush. Experts predict gold could reach $4,000 per ounce if global conditions worsen. Silver also experienced significant price increases.

Prepared by Christopher Adams and reviewed by editorial team.