Official announcements from the US Federal Reserve

Gold Soars to Record $2,838, Up 40% in 12 Months

Jan 30, 2025, 03:18 PM

Gold prices have surged to new all-time highs, surpassing $2,790 per ounce, as economic uncertainty and a weakening US dollar drive demand for the precious metal. On January 30, 2025, spot gold reached $2,790.19, exceeding the previous peak set in October. Gold futures advanced to $2,838.38 per ounce, and the Gold ETF GLD reached an all-time high. Gold has risen approximately 40% over the last 12 months and is up 56% since October 2023. In Canada, gold prices surged past CAD $4,000 per ounce to new record highs. The surge is attributed to factors such as increasing trade tensions, expectations of central banks cutting rates, and a surge in gold purchases, particularly in China ahead of the Chinese New Year.