By Anmol Choubey and Anushree Mukherjee

(Reuters) -Gold surged past the $4,000 an ounce level for the first time on Wednesday, building on a record-breaking rally as broader geopolitical and economic uncertainty, as well as expectations of U.S. interest rate cuts sent investors flocking to the safe-haven asset.

Spot gold was up 1.5% at $4,041.71 per ounce by 10:09 AM ET (1409 GMT). U.S. gold futures for December delivery gained 1.5% to $4,063.70.

Silver also latched on to gold’s rally, gaining 2.3% to $48.92 per ounce, and hovering just below its all-time high of $49.51.

Gold, traditionally seen as a store of value during times of instability, is up 54% year-to-date, after gaining 27% in 2024. It is one of the best-performing assets of 2025, outpacing advances in global equity markets

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