The rush for gold continues as prices soar past $4,300 for the first time, with New York spot closing at a record $4,326 per troy ounce. Gold futures also hit over $4,344 before dropping below $4,300. Gold sales surge as investors seek a safe haven amidst economic uncertainty, trade wars, and government shutdowns.

Gold futures are up nearly 60% since the start of 2025, trading at around $4,268 per troy ounce. Silver prices have jumped about 70%, reaching over $50 per troy ounce. Interest in buying gold spikes during times of anxiety, with uncertainties fueled by Trump’s trade wars and the U.S. government shutdown.

The U.S. dollar weakness, Federal Reserve rate cuts, and geopolitical tensions also drive gold investments. Central banks worldwide contribute to the strong demand for gold, while Wall Street sees regional bank losses and a shift away from riskier assets like cryptocurrency. The surge in gold value results in environmental and health consequences due to increased mercury demand for illegal gold mining.

Read more at Yahoo Finance: Gold prices soared above $4,300 this week. What’s driving the surge?