On May 29, 2026, the global precious metal market achieved a major breakthrough. Spot gold rose strongly by 1.22% intraday, breaking through $4510 per ounce and setting a new historical closing record. COMEX gold futures also surged 1.31% to exceed $4540 per ounce, leading a comprehensive rally in the precious metal sector. Spot silver and platinum followed the upward trend, with overall market bullish sentiment heating up significantly.
The continuous record-breaking rise of gold prices is driven by multiple core macro factors. First, global geopolitical uncertainties remain prominent. The lingering tensions in the Middle East and frequent global regional conflicts have continuously boosted the safe-haven demand for gold, which is recognized as a universal safe-haven asset.
Second, global central banks maintain continuous gold purchase strategies. In order to optimize foreign exchange reserve structure and hedge currency fluctuation risks, major economies have increased gold reserves for a long time, forming long-term fundamental support for gold prices. Third, the U.S. dollar index fell back from a high level, reducing the currency pressure on commodity pricing. In addition, sticky global inflation has further highlighted gold’s inflation-hedging value.
Global investment institutions have continued to increase their holdings of gold assets in the near term. Gold ETFs have achieved continuous net inflows, and private capital allocation demand has increased significantly. Market analysts believe that under the dual support of safe-haven demand and anti-inflation demand, the gold market’s upward trend is sustainable, and there is still room for price innovation in the follow-up market.
In the short term, gold prices will continue to be affected by geopolitical news and Federal Reserve policy expectations, maintaining a strong volatile upward trend.