Gold prices surged to a record high of $4,179.48 per ounce on October 14, 2025. Spot gold rose 0.6% to $4,132 per ounce. Investors flocked to safe-haven metals amid trade tensions and Fed rate-cut expectations. U.S. December gold futures jumped 57% year-to-date. Silver also rallied to $53.60 on tight supply. Bank of America raised its 2026 gold forecast to $5,000 per ounce, citing inflation risks and further rate-cut optimism, while warning of possible near-term corrections.