Gold heads towards US$4,000 mark as markets grapple with dollar doubts, Fed uncertainty

[SINGAPORE] Gold is blazing a trail towards US$4,000 an ounce, driven by a potent mix of softening US economic indicators, questions over the Federal Reserve’s autonomy, and the absence of viable rivals to the greenback in global currency markets.

Spot gold topped US$3,650 an ounce on Tuesday (Sep 9), extending an almost 40 per cent year-to-date rally to notch another price record.

The surge underscores a historic run for the yellow metal, which is increasingly seen as a safe haven asset in a world of mounting monetary, fiscal and geopolitical stress.