Gold prices surged last week, edging closer to their all-time high of $2,790.17, as market conditions aligned to amplify the precious metal’s safe-haven appeal. Spot gold climbed to $2,770.88, a gain of 2.51% over the week, marking its fourth consecutive weekly rise and signaling growing investor interest in the commodity.

The rally in gold prices was driven by several key factors, including a weaker U.S. dollar, ongoing trade uncertainties, and mounting inflationary pressures. The U.S. dollar index fell to its lowest level in weeks, making gold more attractive to international buyers and pushing demand higher.

Inflation concerns remain front and center for investors, as global economic data continues to highlight persistent price pressures. With central banks struggling to strike a balance between controlling inflation and sustaining economic growth, gold has become an increasingly attractive hedge for investors seeking stability.

Trade uncertainty has also played a significant role in gold’s recent performance. Ongoing tensions between major global economies, combined with geopolitical concerns, have heightened market volatility. As a result, investors have flocked to gold, a traditional safe-haven asset during periods of uncertainty.

“Gold has been a beacon of stability in an otherwise turbulent market environment,” noted Peter Grant, a senior metals analyst. “With inflation remaining stubbornly high and the dollar under pressure, we could see gold surpass its all-time high in the coming weeks.”

This latest surge comes as central banks around the world continue to bolster their gold reserves. The trend underscores growing concerns over global financial stability and waning confidence in traditional fiat currencies.

Technical analysts suggest that gold could break past the $2,800 mark if current conditions persist. However, some caution that profit-taking or a sudden shift in economic indicators could lead to a short-term pullback.

Silver, often seen as gold’s counterpart, also experienced gains last week, rising by 3.1% to $25.43 per ounce. The upward movement in both metals highlights a broader shift in investor sentiment toward commodities as a hedge against economic uncertainty.

As gold prices approach record highs, market watchers will closely monitor upcoming U.S. inflation data, Federal Reserve commentary, and geopolitical developments for signs of what lies ahead. For now, the glitter of gold continues to shine brightly amid an increasingly uncertain global economic landscape.