Gold builds on historic rally, soars past $4,000 an ounce for first time

Gold pushed through $4,000 an ounce to hit a record on Wednesday, driven by investors seeking safety from mounting economic and geopolitical uncertainty, alongside expectations of further interest rate cuts by the US Federal Reserve. Spot gold was up 0.7% at $4,011.18 per ounce by 0300 GMT US gold futures for December delivery gained 0.7% to $4,033.40 per ounce. Traditionally, gold is seen as a store of value during times of instability. Spot gold is up 53% year-to-date after rising 27% in 2024. "There's so much faith in this trade right now that the market will look for the next big round number which is 5,000 with the Fed likely to continue to lower rates," said Tai Wong, an independent...