Gold’s New Gym Record: Benching $3,700 Ounces
A weaker dollar, looming Fed cuts, and global uncertainty drive bullion to historic highs.

Gold has stormed into uncharted territory, smashing through the $3,700 level for the first time and leaving even seasoned traders shaking their heads at the speed of the ascent. Spot gold peaked at just over $3,702 before cooling slightly, while U.S. futures for December delivery reached nearly $3,728. It is the culmination of months of relentless momentum powered by a cocktail of Fed policy shifts, a sliding U.S. dollar, unrelenting central bank buying, and the persistent drumbeat of global uncertainty.
The immediate spark came from the Federal Reserve. With its two-day policy meeting underway, traders see a near-certain chance of a 25-basis-point cut and a real possibility of something even bolder. Rate cuts breathe life into gold by pulling down real yields and reducing the opportunity cost of holding a non-yielding asset. Add a dollar plumbing multi-month lows, and the stage was set for a surge that carried bullion through another psychological barrier. Each threshold crossed—first $3,000 in March, then $3,600 earlier this month, and now $3,700—has drawn in fresh capital, momentum flows, and headlines that amplify the move.
The dollar’s weakness has been just as important. A softer greenback makes every ounce of gold cheaper in euros, yen, and rupees, widening the pool of buyers. At the same time, central banks have been steady accumulators, diversifying away from dollar reserves and fortifying their balance sheets with bullion. Their methodical purchases add an underlying bid that prevents selloffs from gaining traction.
