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Australia Eases Capital Gains Tax Reforms to Support Small Businesses and Startups 
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Russia Stocks End Flat as MOEX Index Hits New 52-Week Low; Gold Falls and Oil Mixed 
Canada, British Columbia Launch $5 Billion Infrastructure Partnership to Boost Housing, Transit, and Healthcare 
Gold prices surged to a historic high above $5,200 per ounce on Wednesday, driven by strong safe-haven demand and persistent weakness in the U.S. dollar, boosting broader precious metals markets. Heightened geopolitical tensions and uncertainty surrounding U.S. economic policy have fueled investor appetite for gold, reinforcing its status as a hedge during periods of instability.
Spot gold briefly touched a record peak of $5,202.06 per ounce before easing slightly to $5,179.41 per ounce by 19:55 ET (00:55 GMT). Meanwhile, April gold futures climbed sharply, rising 1.8% to settle at $5,215.46 per ounce. The rally reflects sustained demand for safe-haven assets as global markets react to escalating political risks and macroeconomic uncertainty.
Safe-haven demand intensified after U.S. President Donald Trump stated that a second naval armada was heading toward Iran, while expressing hope that Tehran would agree to a diplomatic deal with Washington. This development added to a series of geopolitical flashpoints that have supported gold prices throughout the year, including U.S. actions in Venezuela and renewed tensions over Greenland.
In addition to geopolitical concerns, weakness in the U.S. dollar has played a critical role in pushing gold prices higher. The dollar slid to multi-year lows this week amid worries about expansive fiscal spending and growing concerns over the Federal Reserve’s independence. Trump’s ongoing criticism of the Fed, along with comments suggesting interest rates would fall under new leadership after Jerome Powell, has further pressured the greenback and strengthened demand for gold.
Other precious metals also benefited from the bullish sentiment. Spot silver rose 1.2% to $113.4325 per ounce, while spot platinum gained 0.6% to $2,669.61 per ounce. Both metals remained close to their respective record highs, supported by strong investor interest and favorable market conditions.
Overall, uncertainty over U.S. policy, geopolitical risks, and dollar weakness continue to underpin gold prices, positioning the metal for sustained strength as investors seek stability in volatile markets.
