Gold bulls set sights on previously dismissed record $3 000/oz milestone

Gold market bulls are locking in bullion prices surging to fresh records, with a milestone of $3 000 per ounce coming into focus, fired up by monetary easing by major central banks and a tight US presidential election race.

Spot gold reached a historic high of $2 572.81 an ounce on Friday and is on track for its strongest annual performance since 2020, with a rise of over 24% driven by safe-haven demand, due to geopolitical and economic uncertainty, and robust central bank buying.