Gold price reaches $4,000 an ounce for the first time ever

[Mosby]

Gold prices hit $4,000 for the first time Tuesday as investors seek a safe haven from a weaker dollar, geopolitical volatility, economic uncertainty and stubborn inflation.

Gold futures closed at a record $4,004.40 per ounce, after hitting an intraday all-time high of $4,014.60. Prices have risen about 50% this year as the U.S. dollar index has dropped 10% and President Donald Trump upends the global trade system and threatens the independence of the Federal Reserve.

Central banks and retail investors are buying gold at a rapid pace. China and other countries are diversifying away from U.S. Treasurys and into gold after Washington imposed stiff sanctions on Russia over its invasion of Ukraine in 2022, and retail investors are looking for protection against inflation.

CNBC