Gold Nears $4,000 Amid Safe‑Haven Rally

Global gold prices surged to fresh record highs this week, with spot around $3,976–$3,977 an ounce and futures briefly touching $4,000 as investors sought safe havens amid U.S. government‑shutdown risks, political turmoil in France, Fed rate‑cut expectations and broader geopolitical uncertainty. Strong central‑bank buying — China’s foreign reserves rose for an 11th consecutive month — along with heavy ETF and private inflows underpinned the move. Major banks and strategists remain divided on the path higher, with Goldman Sachs raising its December‑2026 target to $4,900/oz while others forecast $4,000–$4,200 or see a slower climb. The rally pushed Indian MCX futures and city retail rates above about Rs 1.20 lakh per 10 grams, reshaping festival buying choices for 18K/22K/24K jewellery and curbing purchases in some markets such as Pakistan. Concurrent surges in Bitcoin (reported above $125,000) have prompted crypto liquidations and lifted mining and treasury stocks, drawing fresh institutional interest into both assets. Analysts warn valuations look stretched and caution that a hawkish Fed surprise or a swift fiscal resolution could trigger near‑term retracement.