Gold Prices Surge Past $3,000 as Central Banks Stockpile and Recession Fears Persist

Gold prices surged past the $3,000 mark this week driven by increased demand from central banks and concerns about a global recession. The precious metal experienced a 1.69% daily increase in value, reflecting investor confidence in its role as a safe-haven asset amid economic uncertainty. Central bank strategies are key drivers behind this surge, with increased stockpiling for reserve diversification and anticipation of potential interest rate cuts contributing to the rise. Analysts from Macquarie Bank and Rabobank predict further growth, potentially reaching $3,500 or more.