Overview
- Spot prices set a record near $4,905 before easing to roughly $4,880–$4,910 on Thursday.
- The surge followed Wednesday’s first break above $4,800 and coincided with renewed U.S. tariff threats tied to the Greenland dispute and broader geopolitical uncertainty.
- Goldman Sachs raised its end‑2026 forecast to $5,400, pointing to sustained buying by emerging‑market central banks alongside growing private‑sector inflows.
- The U.S. dollar headed for its worst weekly performance of the year, a slide traders say reinforced support for the non‑yielding metal.
- Analysts highlight a demand shift that took hold in 2025, with central‑bank purchases remaining strong as ETFs and wealth managers added heft, after gains of roughly 64%–78% last year and more than 11% so far in 2026.