Spot gold prices surged to a new record high this week, surpassing the inflation-adjusted peak set more than 45 years ago, driven by growing concerns about the trajectory of the US economy.
Spot gold reached $3,674.27 per ounce during trading last Tuesday, surpassing the inflation-adjusted peak set on January 21, 1980.
The price of an ounce then reached a record high of $850, equivalent to about $3,590 today after adjusting for inflation, according to Bloomberg.
The yellow metal has gained about 40% since the beginning of 2025, amid US President Donald Trump's policies, which have included tax cuts, an expansion of the global trade war, and efforts to increase his influence over the Federal Reserve.
The decline in the dollar and long-term sovereign bond yields—due to the current administration's policies—has also contributed to diminishing the attractiveness of US assets, increasing demand for the precious metal.
Analysts quoted by the agency believe that the current wave of gold's rise is more stable than the sharp jump it witnessed in 1980, thanks to the depth of the markets and the expansion of the investor base
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