Gold hit a new all-time high of $3,847 per ounce on Friday — surging 6 percent in a week as investors piled into safe-haven assets amid Iran-US ceasefire uncertainty and a weakening dollar ahead of the April 21 deadline.
The price has risen 34 percent since the Iran war began in February 2026, and is up 18 percent year-to-date. Gold briefly touched $3,850 in intraday trading before settling at $3,847 as markets closed in New York.
What’s Driving the Surge
- Iran ceasefire risk: If talks fail and the Hormuz blockade returns in full force, energy inflation could accelerate sharply — a classic gold-bullish scenario
- Central bank buying: China, India, Poland, and Turkey have all increased gold reserves at record pace in 2026, reducing dependence on dollar-denominated assets
- Dollar weakness: The DXY dollar index has fallen 3 percent this month as the Federal Reserve signals slower-than-expected rate normalisation amid mixed economic data
- Geopolitical hedging: Institutional and sovereign wealth funds are increasing gold allocations in response to Russia-Ukraine and Iran-conflict risk
Mining Stocks Surge
Gold mining equities rallied sharply: Newmont up 8.2 percent, Barrick Gold up 7.6 percent, Gold Fields (listed in Johannesburg and New York) up 11.4 percent. Ghana’s own gold producers — AngloGold Ashanti and Kinross’s Chirano mine — also gained on the Accra Stock Exchange.
Analyst Targets Raised
Goldman Sachs raised its year-end gold price target from $3,400 to $4,200, citing structural demand from de-dollarisation and geopolitical hedging. Bank of America sees $4,000 as the near-term base case if the ceasefire expires.
Source: Reuters / Goldman Sachs / Bloomberg
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