Gold reached an all-time high above $4,300 per ounce on Friday (October 17), positioning itself for its strongest weekly gain in five years. Spot gold climbed 0.3% to $4,336 per ounce as of 0233 GMT, after hitting a session peak of $4,379 an ounce.

US gold futures for December delivery rose 1% to $4,349 an ounce.

In India, the surge translated to ₹13,277 per gram for 24-karat gold, ₹12,170 per gram for 22-karat gold, and ₹9,958 per gram for 18-karat gold (10-gram rates).

Bullion has gained around 8% this week, marking its strongest week since March 2020.

Factors driving the rally

Market analysts attribute the rally to a combination of global uncertainties, expectations of US interest rate cuts, and ongoing safe-haven buying.

Tim Waterer, Chief Market Analyst at KCM Trade, noted, “$4

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