Gold Charges Toward $4,700 as ETF Inflows and Fiscal Jitters Fire Up Safe‑Haven Demand

Gold extended its recent rally on Monday, August 24, with futures on major exchanges pushing close to $4,700 per ounce and marking roughly a 15‑week high. Prices have climbed more than 5% over the past week and added another 0.6% at the start of the new trading week. Analysts point to renewed inflows into gold‑backed exchange‑traded funds, a softer U.S. dollar and heightened focus on U.S. fiscal deficits and Treasury buyback plans as key drivers behind the move.

In Europe, the upswing in bullion prices has spilled over into other metals, lifting silver and copper and supporting mining and resource shares. At the same time, higher metals prices are feeding into input costs for industrial companies, particularly in energy‑intensive sectors. Market strategists note that institutional investors are increasingly looking at gold as an uncorrelated diversifier alongside equities and crypto assets. With equity volatility picking up and questions swirling around sovereign debt sustainability, the case for holding a dedicated allocation to gold as a portfolio hedge is regaining prominence among global investors.