Gold Breaks Records, Analysts Break Out the Champagne
Gold’s historic rally accelerates as ETFs hit record inflows, the Fed faces new scrutiny, and Goldman Sachs lifts its price target to $4,900 amid surging investor demand.

Gold has officially entered uncharted territory. Futures for the yellow metal surged past $4,000 an ounce for the first time in history, fueled by a combination of a weakening U.S. dollar, heightened geopolitical tensions, and the market’s growing conviction that the Federal Reserve will soon cut rates again. The rally marks one of the most powerful runs for gold in modern history, with prices up over 50% year-to-date—the best performance since 1979.
The surge has sparked a tidal wave of inflows into gold-backed exchange-traded funds. According to the latest World Gold Council report, global ETFs recorded their largest quarterly inflows on record, jumping 23% to $26 billion in the three months ending September. North American funds led the charge, with European and Asian investors not far behind. The message is clear—investors are rushing toward safety, and gold is once again the world’s favorite refuge.
This rally hasn’t just been about fear. It’s also been about momentum. Trading activity in gold markets has exploded, with daily volumes up 34% month-over-month. Prices shattered record after record, hitting 13 new all-time highs in September alone. The excitement is palpable, and Wall Street isn’t hiding its enthusiasm. Goldman Sachs called gold its “highest-conviction long recommendation,” a rare public show of confidence from one of the world’s largest investment banks.
