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Gold Breaks $3,200 Milestone for First Time in History as Stagflation Fears and Safe-Haven Demand Converge

Gold surged past the historic $3,200 per troy ounce level for the first time on Friday, closing at $3,218 on the COMEX spot market as stagflation fears, geopolitical risk, and central bank buying drove the precious metal to another all-time record, with gold mining stocks amplifying the move and the VanEck Gold Miners ETF surging more than 5% on the session.

Gold on Track for Worst Week Since 1983 as Iran War Paradox Crushes Safe-Haven Appeal, Rate-Hike Bets Surge

Gold is on pace for its worst weekly performance since 1983, shedding more than 10% week-to-date as a paradoxical dynamic grips precious metals markets: the Iran war that initially drove bullion to record highs above $5,400 per ounce has morphed into a catalyst for collapse, as the conflict's inflationary consequences harden the Federal Reserve's 'higher for longer' stance, push the U.S. dollar to multi-month highs, and force leveraged futures traders to liquidate positions at scale. Silver is simultaneously tracking toward its worst week since January 2026.

Gold Breaches $5,400 as Safe-Haven Demand Surges; JP Morgan Raises Year-End Target to $6,300

Spot gold prices surged nearly 2 percent to breach $5,400 per ounce on Monday as the escalating U.S.-Iran conflict drove intense safe-haven demand, with U.S. gold futures advancing 2.58 percent intraday and JPMorgan raising its year-end price target to $6,300 per ounce, citing sustained geopolitical risk, sticky inflation, and central bank buying as structural supports for bullion.