Gold Prices Hit Record High Amid Weak Dollar and Geopolitical Tensions

Gold surged to over $2,617 per ounce as U.S. interest rate cuts and Middle East tensions drive demand.

Gold prices reached a record $2,617.89 per ounce on Friday, marking a 1.2% increase for the day.
Factors driving the surge include a weaker U.S. dollar, expectations of further interest rate cuts, and geopolitical uncertainties.
Gold has risen 27% so far this year, with analysts predicting it could reach $3,000 per ounce within a year.
Despite high prices, physical demand in Asia remains subdued, with China not importing gold from Switzerland for the first time in 3.5 years.
Investors are turning to gold as a hedge against inflation and market volatility, with ETFs and other gold-backed securities seeing increased inflows.