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Gold has surged to a new all-time high of $3,660 per ounce in U.S. dollar terms, finally breaking out of the sideways range that held since April 2025. The yellow metal is now up 45% year-over-year and has nearly doubled in two years.

Precious metals analysts at Heraeus see a powerful shift underway: the U.S. dollar may be entering a long cycle of depreciation, setting the stage for higher gold prices.

Goldman Sachs warns that bullion could surge to nearly $5,000 per ounce if the Federal Reserve’s independence is compromised and investors rotate even a small portion of capital from Treasuries into gold.

Gold extended its record-setting rally on Tuesday, pushing to fresh highs above $3,500 as investors positioned ahead of an expected Federal Reserve rate cut later this month.

Gold and silver are surging as renewed expectations of Federal Reserve rate cuts inject fresh momentum into an already powerful multiyear rally in precious metals.

Precious metals are defying expectations this week, powering higher even as the U.S. dollar strengthens and Treasury yields climb.