Globe/wire say Barrick hears soaring gold a warning
2025-10-09 09:41 ET - In the News
The Globe and Mail reports in its Thursday edition that geopolitical and economic risks have driven gold up 54 per cent this year to a record above $4,000 an ounce, doubling over two years as investors seek safety amid trade tariffs, dollar concerns, U.S. Federal Reserve independence worries, inflation, Russia's war in Ukraine and weak European growth. A Reuters dispatch to The Globe reports that analysts call it a once-in-a-generation move, with bullion on track for its biggest annual gain since 1979.
Gold purchases by central banks have also buoyed prices. Annual purchases of gold by central banks have exceeded 1,000 tonnes each year since 2022, according to Metals Focus, which expects them to buy 900 tonnes this year -- twice the annual average of 2016-21.
Policy-makers have also supported gold prices by keeping borrowing costs low and delaying rate hikes, prompting investors to shift toward the metal as a safe store of value. Goldman Sachs raised its December, 2026, gold price forecast on Monday to $4,900 an ounce.
"The rally is unbelievable, telling us that something bad is happening and that we should be nervous," said Dan Smith, managing director of Commodity Market Analytics. |
