A range of factors has driven gold prices to record highs this year — a surge some Wall Street analysts think is likely to continue.

Research suggests the reason for the switch into gold by emerging market economies is the increasing use of financial sanctions by the US and other governments that represent the major reserve currencies (the US dollar, euro, Japanese yen, and British pound).

Gold is shining brighter than anticipated this year, with the current price of $4,000 (€3,437) per troy ounce exceeding

"The US government shutdown has increased investor uncertainty, delaying Friday’s key jobs data," said Russell Shor, senior market analyst at Tradu.com. "This has strengthened demand for gold as a safe-haven asset, while expectations of further Fed rate cuts have pushed prices higher."

As uncertainty deepens amid the U.S. government’s first shutdown in almost seven years, the gold frenzy continues to climb to new heights.

Gold prices are poised to potentially surpass $4,200 this week amidst renewed US-China trade tensions and expectations of

The gold price smashed a new high, trading at an intraday peak of US$4,176 per ounce. Meantime, Goldman Sachs has revised its 2026 forecast.

The upward momentum in gold is attributed to multiple factors such as persistent geopolitical risks, expectations of US Federal Reserve rate cuts, central bank purchases, and robust exchange-traded fund inflows.