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per ounce late Tuesday, hitting an all-time high that signals investors may be bracing for turbulence ahead.Spot gold rose to $4,022.87 per ounce at 12:50 a.m. ET on Wednesday, extending a rally fueled by a potent mix of safe-haven flows, expectations of imminent Fed rate cuts, and rising geopolitical anxieties.The surge may also reflect growing unease about the simultaneous run-up in global stock markets."Despite their recent resilience to macro data surprises, we think investors may be positioning themselves for a pullback," the World Gold Council wrote in a Tuesday report."This has likely helped support gold demand, as investors look to add safe-haven assets," the WGC added.Equities have been on a tear this year, with the S&P 500 and Nasdaq notching record highs, powered in part by the AI boom and expectations of easier monetary policy.The rally has appeared unstoppable despite a wall of macroeconomic uncertainty, from President Donald Trump's new tariffs on trading partners to expectations of the Federal Reserve's rate cuts and the ongoing US government shutdown.The foundation for this week's milestone was laid in September, when global physically backed gold ETFs recorded their largest monthly inflow, resulting in the strongest quarterly inflow on record of $26 billion. By the end of the third quarter, assets under management reached a record $472 billion — up 23% from the second quarter.Gold rallies were typically led by Eastern buyers in China and India who hoarded the yellow metal as a store of value and for cultural reasons.This time, the rally is driven overwhelmingly by Western investors.North American funds accounted for $16.1 billion in inflows during the third quarter, while European funds contributed $8.2 billion. Asia, by contrast, contributed $1.7 billion."Flows reflected both protection and momentum as investors sought a purchasing-power hedge and leaned into the breakout," wrote WGC.Trading activity exploded alongside prices.In September, global gold trading volumes jumped 34% from August, averaging $388 billion a day — the second-strongest month of the year.Gold's stunning 2025 rally has now sent spot prices up about 53% year-to-date, reigniting the "fear trade" that had cooled in previous years.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,789.25 +10.00 (+0.15%)Dow Futures46,650.00 +57.00 (+0.12%)Nasdaq Futures25,334.50 +45.25 (+0.18%)Russell 2000 Futures2,490.20 +7.00 (+0.28%)VIX16.43 +0.13 (+0.80%)Gold4,004.90 +32.30 (+0.81%)PortfolioSign in to access your portfolioSign inTop gainersGGAL Grupo Financiero Galicia S.A. 34.50 +6.14 (+21.65%)PATH UiPath Inc. 18.51 +2.93 (+18.81%)BMA Banco Macro S.A. 51.54 +7.66 (+17.46%)BBAR Banco BBVA Argentina S.A. 9.73 +1.41 (+16.95%)AKRO Akero Therapeutics, Inc. 54.08 +7.59 (+16.33%)Top losersRACE Ferrari N.V. 407.38 -71.83 (-14.99%)ODD Oddity Tech Ltd. 51.63 -6.55 (-11.26%)NEU NewMarket Corporation 779.20 -93.89 (-10.75%)CC The Chemours Company 13.74 -1.30 (-8.64%)EXK Endeavour Silver Corp. 7.59 -0.68 (-8.22%)Most activeTLRY Tilray Brands, Inc. 2.1000 +0.3800 (+22.09%)NVDA NVIDIA Corporation 192.57 +3.46 (+1.83%)PLUG Plug Power Inc. 3.7800 +0.1250 (+3.42%)BBAI BigBear.ai Holdings, Inc. 7.49 +0.20 (+2.74%)RGTI Rigetti Computing, Inc. 47.11 +3.88 (+8.98%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersAPLD Applied Digital Corporation 29.29 +1.35 (+4.83%)RACE Ferrari N.V. 407.38 -71.83 (-14.99%)TLRY Tilray Brands, Inc. 2.1000 +0.3800 (+22.09%)NUAI New Era Energy & Digital, Inc. 2.8300 +1.2900 (+83.77%)LAES SEALSQ Corp 6.09 +1.73 (+39.68%)Top economic events