Gold surges to $5,044 per ounce: What's behind the jump
Gold just jumped another 2.2% to $5,044.74 per ounce on Wednesday, after a huge 5.9% leap the day before—the biggest single-day gain since 2008.
This comes right after gold hit a record high last week.
Gold's price surge
Gold's having a moment because investors and central banks are worried about inflation and shaky markets—classic reasons people turn to gold for some financial peace of mind.
In fact, average prices have risen sharply recently!
Some investors keep gold in their portfolios to help ride out tough times.
Factors pushing prices higher
A weaker US dollar made gold cheaper for global buyers, while the partial US government shutdown delayed key economic data, adding more uncertainty.
Plus, talk of a possible Federal Reserve rate cut (despite the Fed chair nominee being seen as hawkish on inflation) has pushed prices even higher.
Where are gold prices headed?
A Reuters technical analyst sees gold surging into the $4,950 to $5,198 range soon as demand stays strong and markets stay unpredictable—so expect some ups and downs ahead.