Gold Surpasses $4,000 for the First Time in History

The price of gold soared past $4000 per ounce on Wednesday, marking a historic peak. This surge is attributed to investors seeking safe havens amid economic uncertainties and anticipation of further interest rate cuts by the Federal Reserve.

In spot markets, gold rose by 0.5 percent to $4002.53 per ounce at 0213 GMT. U.S. gold futures for December delivery also increased by 0.5 percent, reaching $4025 per ounce.

Among other precious metals, silver climbed in spot markets by 0.5 percent to $48.03 per ounce. Platinum surged 2.2 percent to $1653.21, while palladium saw a 1.3 percent rise, recording $1355.32 per ounce.