Global gold prices have surged to an unprecedented level, with the price of an ounce of gold surpassing the USD 4,500 mark for the first time in history.

Economic analysts attribute this extraordinary rise to two main factors. The first is heightened geopolitical tensions linked to Venezuela, coupled with instability arising from sanctions imposed by the United States on Venezuelan oil shipments. The second is growing market expectations that the US Federal Reserve will further cut interest rates in the period ahead.

Amid increasing global political and economic uncertainty, investors are turning to gold as a safe-haven asset, driving up demand and pushing prices higher, analysts said.

Alongside gold, prices of other precious metals, including silver and platinum, have also recorded significant increases.