Gold futures were rising close to record highs on safe-haven and central bank demand.
Futures rose 0.7% to $2,948.40 a troy ounce, close to the record $2,968.50 a troy ounce set during Tuesday’s session.
The precious metal has had a strong rally so far this year, surpassing the above-consensus expectations of MUFG, analysts said in a note. The yellow metal is now closing in on $3,000 an ounce, which the Japanese bank had estimated would take until the third quarter of 2025. Gold’s brisk start has much further to run, MUFG analysts said.
Demand reflects both market fears around elevated geopolitical and economic uncertainties, driving safe-haven demand, and emerging market central bank demand, catalyzed by sanctions worries and risks of trade tariffs, MUFG said.