Gold prices steadied at $3,044.44 an ounce on Thursday after briefly climbing to a new record high of $3,057.21 earlier in the session.
This marks the 16th record peak for gold so far this year, and the fourth occasion that prices have risen above the $3,000 level. The recent advance is largely driven by expectations that the Federal Reserve will begin trimming interest rates in 2025: market participants are pricing in roughly 66 basis points of easing for the year. Heightened geopolitical tensions and ongoing economic uncertainty have also boosted safe-haven demand for the metal.
At the same time, a firmer U.S. dollar—up about 0.3%—is creating some downward pressure, since a stronger dollar makes gold more expensive for holders of other currencies. Still, analysts note that robust central bank purchases and persistent geopolitical risks could sustain upward momentum. Experts also point out that recent trade policy moves viewed as inflationary have contributed to gold’s strong performance this year.