02:01 PM EDT, 10/07/2025 (MT Newswires) -- (Updates prices.)

Gold continued its record run midafternoon on Tuesday as the precious metal rose above US$4,000 mark for the first time on strong demand.

Gold for December delivery was last seen up $29.40 to US$4,005.70 per ounce.

The price of the metal is up 8.8% over the past month and 51% over the past year amid safe-haven buying and strong demand from central banks and exchange-traded funds as interest rates fall and the dollar weakens as the global economy slows amid U.S. tariff policies.

"The modern-era gold rush continues unabated, with USD 4,000 - a key psychological level - within reach. Strong ETF demand remains key, driven by 'FOMO' and eroding trust in traditional safe havens. Together with ongoing central bank demand and lower funding costs, these are the reasons why Goldman Sachs has raised its December 2026 forecast to USD 4,900," Saxo Bank wrote.

The dollar rose early, with the ICE dollar index last seen up 0.35 points to 98.46. Treasury yields fell, with the yield on the two-year note last seen down 2.3 basis points to 3.574%, while the 10-year note was paying 4.12%, down 3.3 points.