Gold futures for April 2026 surged past $5,100 per ounce on Saturday, reaching a level not seen since February 12th, according to trading data from the COMEX division of the New York Commercial Exchange.
The price of the precious metal rose by 2.15% to $5,104.6 per ounce before easing slightly to $5,102.7 per ounce, representing a 2.11% increase, as of 11:01 PM local time. The advance followed a strong rally on Thursday, where gold prices jumped over 2% as investors anticipated the release of key U.S. Inflation data, reports indicate.
Market activity was influenced by reduced trading volumes due to the Lunar New Year celebrations, which saw closures in China, Hong Kong, Singapore, South Korea, and Taiwan. This limited liquidity contributed to short-term price volatility, analysts say.
The surge in gold prices reflects its status as a safe-haven asset during times of economic and political uncertainty, often linked to concerns about inflation or a weakening U.S. Dollar. COMEX, now part of CME Group, has been a central location for gold trading for decades. CME Group notes it offers several global benchmarks in precious metals.
This latest price movement comes after gold reached a historical high of approximately $2,075 per ounce in August 2020, driven by global purchasing amid the COVID-19 pandemic. The current rally surpasses that previous peak by a significant margin.
The price of April 2026 gold futures was trading at $5,003 as of Thursday, according to Investing.com. The current surge is occurring as financial markets await the release of U.S. Inflation figures, which will likely shape expectations for interest rate policy in the second quarter of the year.