Gold futures have broken past the $4,700 per ounce threshold, reaching levels not seen since mid-May in a rally that gained roughly 5% in a single week. The U.S. dollar weakness, Treasury debt buybacks, and central bank purchases, notably from Poland, have driven this surge. Goldman Sachs has already signaled that gold could exceed its year-end target of $4,900, with some reports pointing to an all-time high near $5,600 later in the year. The combination of dollar weakness, persistent inflation expectations, and structural central bank demand creates a rare alignment of tailwinds for the precious metal.
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