Gold prices climbed past $3,500 per ounce on Tuesday, with both COMEX futures and spot markets hitting record levels as investors bet on an upcoming Federal Reserve rate cut and a softer U.S. dollar.
The rally reflects mounting concerns over economic policy, inflation, and geopolitical uncertainty, driving demand for the metal as a safe-haven asset.
On the COMEX, December 2025 futures rose to $3,554.40 per troy ounce, up 1.09% from Monday, with trading volume exceeding 176,000 contracts and open interest at 366,533. Futures typically trade above spot prices, reflecting costs of carry and market expectations for future delivery, which explains the premium over the immediate market price.
Spot gold likewise surged above $3,490 per ounce, approaching all-time highs, as safe-haven buying intensified amid a weaker U.S. dollar and persistent political and trade uncertainties.
Market participants are closely watching this week’s U.S. nonfarm payroll report, which could influence the scale of the expected 25-basis-point Fed rate cut, currently priced in at roughly 90%.
The rally is also being felt in Ghana, where the NewGold ETF (GLD), which tracks the price of gold, led market activity on Monday. The ETF rose GH¢5.45 to close at GH¢402.15, accounting for 17,497 shares worth GH¢7.04 million, signaling that investors are increasingly seeking exposure to precious metals amid a generally steady market.
While other stocks recorded minimal activity, NewGold’s performance highlights the appeal of gold-linked securities for Ghanaian investors looking for stability and growth in volatile times.
Gold’s continued gains underscore its role as a hedge against uncertainty, with both futures and spot markets signaling strong investor appetite amid ongoing economic and policy developments.
