Gold Hits 3-Week High as Prices Surge Amid Market Rally

Gold prices continued their upward momentum on Tuesday, reaching levels not seen in nearly three weeks. Spot gold rose 0.5% to $4,137.06 per ounce by 0816 GMT, earlier touching $4,148.75—the highest since October 23. Though still below the record peak of $4,381.21 set on October 20, the rally signals renewed investor interest in the precious metal.

The US gold futures for December delivery mirrored the global trend, climbing 0.5% to $4,143.80 per ounce. Analysts note that rising gold prices often reflect a mix of investor caution and strategic buying as global economic factors remain uncertain.

Market observers attribute the surge to multiple factors, including fluctuating currency values, ongoing economic uncertainty, and sustained demand from both institutional and retail investors. Gold’s appeal as a safe-haven asset appears to be driving renewed buying momentum, pushing prices higher in recent sessions.

Despite recent gains, gold remains below its record high, leaving room for volatility in the coming weeks. Traders are keeping a close eye on macroeconomic cues and market sentiment, which could determine the next phase of the rally.