Gold Soars Beyond $4,500, Setting a New Record

The U.S. economy remained robust in the third quarter, with GDP increasing at a faster pace than in the previous period. However, labor market data indicated a steady but gradually moderating job creation trend. Markets continue to price in two interest rate cuts in 2026 as inflation cools and employment conditions soften, despite divisions among policymakers. Meanwhile, tensions involving Venezuela, where the U.S. has blocked oil tankers, have heightened demand for safe-haven assets and increased geopolitical risks in commodity markets. Since the beginning of the year, gold has risen by approximately 70%, heading towards its best annual performance since 1979, supported by sustained purchases from central banks and consistent inflows into gold-backed funds.