Gold prices soared above $4,300 this week. What's driving the surge?

"As economic uncertainty deepens, the rush for gold continues-with prices for the precious metal topping $4,300 for the first time this week. The going price for New York spot closed at a record $4,326 per troy ounce on Thursday. Futures also traded as high at more than $4,344 per troy ounce Thursday, before falling below the $4,300 mark Friday morning. Still, gold is up significantly over the last week, marking one of its best weeks to date."

"Gold sales can rise sharply when anxious investors seek a "safe haven" for their money. For the U.S., the latest gains arrive amid the now weekslong government shutdown and ongoing trade wars abroad-with President Donald Trump most recently threatening to place much higher tariffs on China, before appearing to walk back those potential new levies as unsustainable. Still, his barrage of other import taxes has already strained economies worldwide. Meanwhile, the prospect of lower interest rates is also making gold a more attractive investment."

"Gold futures are up nearly 60% since the start of 2025-trading at about $4,268 per troy ounce, the standard for measuring precious metals, as of around 11:45 a.m. Friday. That's up from around $2,670 at the beginning of January. Silver has seen an even bigger percentage jump year to date. Silver futures are up about 70%, trading at over $50 per troy ounce Friday morning."

Gold prices reached record levels this week, with New York spot closing at $4,326 per troy ounce and futures peaking above $4,344 before retreating below $4,300. Gold is up roughly 60% year-to-date, rising from about $2,670 in January to around $4,268. Silver futures increased about 70%, trading above $50 per troy ounce. The price surge reflects investor flight to safe-haven metals amid economic uncertainty driven by trade wars, steep new tariffs, and a prolonged U.S. government shutdown. Weak hiring, rising inflation, and expectations of lower interest rates have further boosted demand for precious metals.

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