Gold (GC=F) futures opened at a record $3,983 per ounce on Tuesday, up 0.9% from Monday’s close of $3,948.80. The price of the precious metal surpassed $4,000 briefly in early trading before retreating.

On Monday, analysts at Goldman Sachs predicted gold would reach $4,900 per ounce by December 2026. A previous Goldman Sachs outlook targeted $4,300 by the end of next year. The updated forecast identified a weaker dollar and gold’s safe-haven status as factors behind the precious metal’s surge this year. Central banks, retail investors, and gold-backed ETFs are all buying more gold. Geopolitical conflict and increasing trade tensions stemming from U.S. tariffs are likely contributing to the higher demand. Investors also expect…