Khaberni - The price of gold in the spot transactions rose to exceed the level of $4900 per ounce for the first time ever today, Thursday, supported by strong demand for safe haven assets amid escalating geopolitical and trade tensions.
By 14:00 GMT, gold in spot transactions recorded its highest historical level at about $4905 per ounce before retracting slightly to trade at around $4880-4910, up by 1.0-1.7% during the session.
Gold had previously recorded a peak on Wednesday at $4887.82 per ounce, while the current rise comes after gold surpassed the $4800 level for the first time last Wednesday.
The rapid rise is attributed to multiple factors including American threats to impose tariffs on the European Union in the context of the Greenland file along with ongoing global geopolitical and trade uncertainty, continuous central bank purchases, and the diversification of private sector investments away from traditional assets.
At the same time, Goldman Sachs bank raised its forecast for gold prices by the end of 2026 to $5400 per ounce, up from a previous forecast of $4900, indicating continuous strong demand from central banks in emerging markets and the private sector.
Gold has risen by more than 11 percent since the start of the current year 2026, after an exceptional rise of about 64-78 percent throughout the whole of 2025, making it the strongest rising wave in history.
Traders are anticipating whether the $5000 level will be achieved soon in the light of ongoing geopolitical and economic support factors.
