Gold price extends record run and could reach $4,900

Spot gold rose to a record $4,887.19 an ounce as safe-haven demand climbed amid geopolitical tensions over Greenland and turmoil in Japanese sovereign debt markets.

Spot gold extended its record rally to near $4,900 an ounce, briefly reaching $4,887.19. Prices have risen about 75% over the past 12 months and posted their best annual performance since 1979. Recent drivers cited include heightened geopolitical tensions linked to Greenland and a shock in Japan's sovereign debt that affected bond markets and the dollar. The article also reports renewed central bank buying activity. Key facts: - Spot gold hit a record $4,887.19 per ounce, marking the first time above $4,800. - Gold has risen roughly 75% over the past 12 months and posted its best annual performance since 1979. - The article reports geopolitical tensions involving Greenland and threats of tariffs, and a meltdown in Japanese government debt that pushed down long-dated Treasuries and the dollar. - The National Bank of Poland approved plans to purchase another 150 tons of gold, and Bolivia's central bank has resumed purchases under new rules. - Silver retreated more than 1% after reaching an all-time high of $95.89 per ounce in the prior session. Summary: The rally has reinforced gold's role as a reported safe-haven and is described as being supported by central bank purchases and market stress from geopolitical and sovereign debt developments. The article mentions a Goldman Sachs base case of $4,900 an ounce and notes possible upside risks. Undetermined at this time.