Gold powered to another record on Friday, changing hands around $4,326 an ounce and touching an intraday peak near $4,379.
Wednesday’s gold reached its all-time high as safe-haven demand accelerated on renewed stress in U.S. regional banks, softer Treasury yields, and escalating trade tensions between Washington and Beijing.
Silver also set a fresh high above $54, the move puts bullion on track for its strongest week in years.
At current prices, the world’s above-ground stock of roughly 216,265 metric tons gives gold an implied market value of about $30 trillion.
That estimate is derived from World Gold Council data on cumulative mined supply and standard market-cap methodology that multiplies ounces outstanding by the spot price.
The rally rests on a familiar mix of macro forces that have intensified this fall.
Rate-cut expectations have grown after a run of weaker data and dovish signaling from Federal Reserve officials, lowering the opportunity cost of holding a non-yielding asset.
At the same time, concerns about U.S. bank credit quality and a sharper war of words over Chinese export controls added another layer of risk aversion across global markets.
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That backdrop helped bullion notch multiple all-time highs this week. Official-sector demand continues to reinforce the narrative.
Central banks have been steady net buyers through 2023 and 2024 and added to reserves again in August, part of a multiyear diversification trend that has lifted their collective holdings to a significant share of global gold.
Investment flows have joined in: physically backed gold ETFs saw heavy inflows over the summer and early fall as investors sought ballast against equity and bond volatility.
Spot demand has also been resilient in Asia even at elevated prices.
In India, dealers reported the strongest premiums in more than a decade ahead of the Dhanteras and Diwali buying season, while market participants in China cited firm interest after weeks of volatility.
Gold’s gain has widened its lead over major stock benchmarks this quarter and sharpened the focus on miners, which offer leverage to bullion but carry operational and geopolitical risk.
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Product developers are leaning in as well, including when Sprott launches an active metals fund aimed at capturing the move in producers and explorers.
The $30 trillion headline is eye-catching, but what matters most from here is whether the macro tailwinds persist.
A faster-than-expected improvement in bank credit metrics or a reversal in rate-cut odds could take some air out of the trade.
Conversely, more policy easing, a stronger dollar dip or a new bout of geopolitical stress would likely keep the bid under bullion.
The World Gold Council notes that while this year’s ascent has been unusually fast, ETF positioning and futures longs have not reached the froth seen in prior peaks, suggesting room for additional participation if volatility spills over into risk assets again.
On balance, gold’s break into the $4,300s cements its role as the world’s dominant financial commodity by value and a barometer of global anxiety.
Whether this proves a launchpad or a ceiling will hinge on the same forces that drove it here: rates, credit, and geopolitics.
