Gold recorded a fresh all-time high as expectations of rate cuts in the U.S. strengthened its appeal as a “safe haven” during a period of falling stocks and bonds.

The precious metal’s price rose as much as 0.4%, reaching $3,546.96 per ounce before trimming gains. Over the past seven sessions, it has climbed about 5%, fueled by renewed uncertainty around the Fed and high levels of government debt in developed economies.

Since the start of 2025, gold has surged more than 33%, marking one of the strongest performances among major commodities. The rally is being driven by prospects of a Fed rate cut this month, following Jerome Powell’s latest signals. Friday’s labor market report will be critical, as it could reinforce the case for monetary easing.

The rally isn’t limited to gold. Silver has outperformed in 2025, jumping 40% year-to-date and crossing $40 per ounce for the first time since 2011. At the same time, demand is increasing due to its role in clean energy and supply shortages in the market.