Overview
- December Comex contracts climbed to an intraday high of $4,051.55 after first clearing $4,050, with prices up about 1% in early Wednesday trading.
- Tuesday’s session marked the prior milestone, when futures briefly topped $4,000 to set an earlier all-time high.
- Goldman Sachs raised its gold price target to $4,900 for December 2026, citing strong ETF inflows and continued central-bank purchases, and projects average central-bank buying of roughly 80 tonnes in 2025 and 70 tonnes in 2026.
- Analysts attribute the rally to sustained official-sector buying, robust gold-backed ETF demand, a softer dollar and increased retail interest, with prices up about 51% year to date.
- Market commentary points to elevated odds of Fed rate cuts and the U.S. government shutdown as supports for safe-haven flows, while cautioning that profit taking near round-number levels poses a near-term risk.