Gold futures for the month of December briefly touched the $4,000 price mark, before dipping to a level of roughly $3,990 in trading hours on Tuesday, as per a report by Argaam..
Analysts from Goldman Sachs have increased their forecasts for December 2026 gold prices to $4,900 from $4,300.
Spot gold has not yet reached $4,000 but crossed $3,900 on Monday, now hovering around $3,950 with anticipation of a breakthrough with a new record price.
The update comes as the U.S. Government shutdown continues and investors shift their capital towards gold and other asset classes, such as Bitcoin, in an attempt to stay away from the dollar or dollar-denominated investments. The market is also waiting on crucial information, such as federal rate cuts and other key economic data, which impact the economy.
Futures contracts are a derivative instrument that allows a person to buy and sell commodities or assets at a certain price in the future.
“Gold is at record highs. And the appreciation in other dollar substitutes,, to use that word loosely, in items like crypto for example, is unbelievable. So we’re seeing substantial asset inflation away from the dollar as people are effectively looking for ways to de-dollarize or de-risk their portfolios,” said Citadel CEO Ken Griffin.