Gold futures for April 2026 delivery at COMEX, a division of the New York Mercantile Exchange, surpassed $5,100 per ounce for the first time since February 12th.
The precious metal saw a 2.15% increase, reaching $5,104.6 per ounce, before easing back to $5,102.7 per ounce, equivalent to a 2.11% gain, as of 11:01 PM. This move underscores gold’s continued appeal as a safe-haven asset amid global economic uncertainty.
The surge followed a strong rally on Thursday, when gold jumped over 2%, as investors anticipated the release of key U.S. Inflation data. Market participants are closely watching economic indicators for clues about the future direction of monetary policy.
Trading volumes were impacted by the closure of markets in China, Hong Kong, Singapore, South Korea, and Taiwan for Lunar New Year celebrations, contributing to short-term price fluctuations. Reduced liquidity can often amplify price movements in commodity markets.
Gold is widely considered a safe-store of value during times of economic and political instability, and its price often rises with concerns about inflation or a weakening U.S. Dollar. The recent gains reflect these dynamics.
COMEX has seen periodic volatility in gold prices for decades, with a historical high of around $2,075 per ounce recorded in August 2020, driven by global purchasing amid the coronavirus pandemic. The current price levels represent a significant departure from those seen during the height of the pandemic.
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