The price of gold hit a new record on Wednesday partly driven by global uncertainty. Photo by Chris Ratcliffe / Bloomberg

The price of gold hit a record high of US$3,565 per ounce on Wednesday, amid a weak U.S. dollar and increasing confidence that the United States Federal Reserve will cut interest rates later this month. The Financial Post dug into the factors behind gold’s blockbuster year and what analysts think lies ahead for the precious metal.

What’s behind the surge?

The price of gold has risen roughly 20 per cent over the last six months and 40 per cent since September 2024. It reached its previous all-time high of US$3,500 per ounce on April 22, following a stock market slump after U.S. President Donald Trump criticized Federal Reserve chair Jerome Powell for not

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